5 Francs - Ranavalona III Small lettering

Ranavalona III ascended the Merina throne in 1883 at twenty-two years old, and this coinage was struck almost immediately — one of her first acts of governance. France was simultaneously pressing hard on Madagascar's sovereignty, and the 1882–1883 period saw escalating treaty disputes that would eventually culminate in the First Franco-Malagasy War. The small lettering variety, distinguished from the larger-lettered issue by subtle punch differences in the legend, suggests two separate die preparations during an already politically compressed production window.

Leclercq records only modest quantities. Most surviving examples show considerable circulation wear, which is consistent with genuine use before French protectorate status was imposed in 1885.