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100 Francs / 20 Ariary
| Issuer | Institut d'Émission Malgache |
|---|---|
| Year | 1964-1973 |
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| Currency | Log in to see details |
| Composition | Log in to see details |
| Size | 130 × 70 mm |
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| Obverse description | The central vignette presents three Malagasy women engaged in traditional basket weaving, seated in the foreground against a rural backdrop of a farmstead and trees. Large denomination numerals '100' appear at upper left and upper right within a geometric border of repeating diamond motifs rendered in orange and brown; the principal inscriptions 'CENT FRANCS' and 'ROAPOLO ARIARY' are set in bold lettering across the lower centre. A signature of the Président du Conseil d'Administration appears at centre, beneath the bilingual issuer title running along the upper margin. |
|---|---|
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| Protection description | Blank oval watermark area visible on the right side of the obverse, characteristic of Banque de France security paper. |
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| Comments |
The Institut d'Émission Malgache was a transitional authority, established after Madagascar's 1960 independence to manage the currency while the country remained within the Franc Zone. France retained effective monetary control through this arrangement well into the 1970s, which is why the Banque de France continued printing Malagasy notes long after the flag changed.
The dual denomination — francs and ariary — reflects the awkward coexistence of colonial monetary nomenclature with the indigenous unit, where 1 ariary equals 5 francs. The ariary had been in colloquial use for generations before it became official policy.