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20 Ariary Lemur

Issuer Madagascar
Year 1988
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Thickness 3 mm
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Reverse description Central motif depicts a ruffed lemur (Varecia variegata) rendered in fine relief, resting upon a horizontal branch with its long tail curling below, facing right. The naturalistic rendering captures the animal's distinctive fur texture in careful detail. The circular legend surrounding the field reads 'ARIARY ROAPOLO' at the top and 'MAKI A COLLIER' at the lower left, with the Latin binomial 'LEMUR VARIEGATUS' inscribed along the lower right periphery, all separated by raised dot stops.
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Reverse lettering •ARIARY ROAPOLO• •MAKI A COLLIER...LEMUR VARIEGATUS•
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Additional information

Issued as part of Madagascar's wildlife conservation series during the late 1980s, this piece was struck for the international collector market rather than domestic circulation. The ring-tailed lemur, endemic to Madagascar, had by this point become a focal species in international conservation discourse, and several African and island nations were producing similar themed silver issues to capitalize on collector demand while simultaneously drawing attention to habitat loss.

KM#15 is a proof-intended issue with limited domestic monetary relevance — the ariary itself had only been formally reestablished as the primary unit of account in 2003, meaning the 1988 denomination structure still operated under the franc malgache system in practice.

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