10 Ariary silver

Madagascar's 1978 silver issues were produced as collector pieces during the early years of the Democratic Republic of Madagascar, the socialist state established after Didier Ratsiraka seized power in 1975. The base-metal circulation version carried the same design; the silver strike in .925 fineness was a proof-quality parallel intended for the international numismatic market rather than domestic use — a common revenue strategy among small nations with limited hard currency reserves.