100 Francs

The Banque de Madagascar et des Comores was itself a transitional institution — created in 1950 to replace the Banque de la France d'Outre-Mer's local functions, it continued issuing notes well after Madagascar's independence in June 1960, a common arrangement under French monetary agreements that allowed colonial-era banking structures to persist for years into the independence period. Three signature combinations appear across this series, reflecting successive administrative appointments rather than distinct emission dates.

Beltrand came from a distinguished family of wood engravers; his work for the Banque de France spanned decades.