20 Francs

Banque de Madagascar was a French colonial concession bank, not a state central bank — it held the right to issue currency in Madagascar under a charter that ran from 1925 through the early independence transition. The P#37 series was printed by Imprimerie Chaix, a Paris house better known for its railway timetable and poster work than for intaglio security printing, which distinguishes it from the Banque de France's own ateliers used for metropolitan issues.

The span of dates — 1928 to 1953 — crosses the Vichy period, during which Madagascar was administered by Vichy authorities until the British seized the island in 1942 and handed control to the Free French. Notes of this type circulated through both regimes without reissue.