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0,50 Franc

Issuer Government of Madagascar and Dependencies
Year 1916
Type Standard circulation banknote
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Obverse lettering POSTES
R F
MADAGASCAR ET DÉPENDANCES
50c.
Reverse description The reverse bears a simply printed black vignette of a zebu bull in profile on plain cream cardboard stock, rendered in a coarse letterpress style. The word 'Lasiroa' (the Malagasy term for zebu) is inscribed vertically along the left margin, with a vertical inscription on the right side as well.
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Comments

Madagascar's 1916 fractional emergency issues — the 0,50 Franc among them — were produced on cardboard because the wartime shipping disruption between France and its colonial territories had effectively cut off the supply of conventional banknote paper. The colonial administration improvised. These pieces functioned as emergency small-change substitutes at a moment when metallic coinage had largely disappeared from circulation, hoarded or melted down during the war years.

Cardboard deteriorates readily under tropical humidity, and Madagascar's climate was not kind to these. Intact survivors are genuinely uncommon.