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10 Francs / 2 Ariary

Issuer Madagascar
Year 1991
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Shape Round
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Obverse script Latin
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Reverse description Frontal portrait of a zebu (Malagasy humped cattle) with prominent curved horns framing the denomination numeral 10 and the legend FRANCS in the upper field. The zebu's head is rendered in bold relief at centre, with a wheat ear sprig flanking the left and a flowering plant sprig to the right, symbolising the agricultural wealth of the nation. The Malagasy-language denomination ARIARY ROA is inscribed along the lower periphery in large raised letters.
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Additional information

KM#11a is the copper-plated steel successor to the earlier aluminum-bronze KM#11, a composition change driven by rising metal costs that affected numerous African franc-zone issuers in the late 1980s and early 1990s. Madagascar retained the CFA-adjacent franc system long after independence, but the ariary denomination running parallel to it reflected a deliberate policy of linguistic and cultural distance from the colonial monetary framework — the ariary being a pre-colonial unit of account rooted in the value of silver dollars traded on the island.

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