10000 Ariary

Madagascar's currency structure remains a persistent source of confusion: the Ariary replaced the Malagasy Franc as the sole legal tender unit in 2005, but the franc had itself been pegged at 5 francs to 1 ariary for decades prior — meaning Malagasy users were already thinking in ariary long before the official redenomination. The 10,000 Ariary sits at the high end of the current note series, a denomination that has grown more practically necessary as inflation has eroded smaller values.

G+D's Leipzig facility has printed Malagasy notes across multiple series. The colour-shifting ink on this issue is applied to a relatively modest security package for a high-denomination note — the thread and watermark are the workhorses here.