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100 Francs / 20 Ariary
| Issuer | Banky Foiben'ny Repoblika Malagasy / Banque Centrale de la République Malgache |
|---|---|
| Year | 1974-1978 |
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| Composition | Cotton paper |
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|---|---|
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| Reverse description | Women engaged in rice planting are shown in a pastoral vignette occupying the left and central portions of the note, set against a fine guilloche security background. The face value and statutory text appear on the right side, with denominational numerals repeated in the corners. |
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| Protection type | Watermark |
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| Comments |
Madagascar's dual-denomination labeling on this series reflects the country's drawn-out currency transition: the ariary had been established as the official unit in 1961, but franc denominations persisted on banknotes for decades as the population — particularly in rural areas — continued to think and transact in francs. Five francs equaled one ariary, a ratio that required both figures on every note well into the 1970s.
Thomas De La Rue printed the series during a period when Madagascar was deepening ties with socialist bloc countries following Ratsiraka's 1975 coup, making London-printed currency a quietly incongruous detail.