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| 正面铭文 | REPUBLIQUE FRANÇAISE MADAGASCAR ET DÉPENDANCES 50 |
| 背面描述 | The reverse is printed in olive-brown tones and carries a central vignette of a standing dog rendered in a naturalistic engraved style, set against a plain lightly toned background. The composition is spare, with no additional inscriptions or ornamental borders framing the animal motif. This stamp-money reverse is characteristic of the wartime and post-war emergency fractional currency issues of the French colonial territories. |
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Madagascar's Gouvernement Général issued these small-denomination fractional notes in 1920 to address a chronic shortage of coin in circulation — a problem common across French colonial territories in the immediate postwar period, when metal was scarce and shipping schedules for coinage from the metropole were unreliable. The 50-centime note was essentially a necessity instrument, not a banking product.
Pick 1 is the first catalogued note for Madagascar, making it the foundation of the territory's paper money series. Surviving examples are not common; fractional emergency issues of this kind suffered heavy attrition through everyday handling and were rarely saved.