100 Francs

The Banque de Madagascar was established in 1925 as the island's sole note-issuing authority, replacing the earlier role played by the Banque de France directly. This 100 Francs note spans a remarkably long issue window — over two decades — during which Madagascar remained under French colonial administration through the turbulence of the Second World War, including the 1942 British invasion of the island and the subsequent Free French takeover.

Gaspérini and Deloche were both staff engravers at the Banque de France's printing works in Paris, and their division of labor across obverse and reverse was typical of how that institution allocated engraving responsibility on colonial issues during the interwar period.