10000 Ariary / 50000 Francs

Madagascar's dual-denomination system — where Ariary and Francs coexisted on the same notes — reflects the country's protracted currency transition. The Ariary had been the official unit since 1961 at a fixed ratio of 1 Ariary to 5 Francs, but the Malagasy Franc remained legal tender until 2004, meaning notes from the early part of this series circulated under two simultaneously valid accounting systems.

Giesecke & Devrient's involvement here is straightforward — they handled much of Madagascar's banknote printing through this period. The three-dimensional security element on this denomination is the most technically ambitious feature in the series, which otherwise relied on more conventional counterfeit deterrents.