20 Francs

Beschrijving voorzijde	At right, an allegorical vignette portrays a French woman clasping the hand of a Malagasy woman who carries an infant on her right arm, a composition evoking the colonial union theme standard to French overseas issues of the period. At left, a circular cartouche serves as the watermark zone, framed by intricate decorative friezes and guilloche ornaments that fill the surrounding field. The issuing authority legend and denomination are rendered in letterpress across the face of the note.
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Beschrijving keerzijde	At left, a finely engraved intaglio medallion presents a three-quarter portrait of a Malagasy man rendered in detailed line engraving; a matching blank medallion at right serves as the watermark zone, creating a balanced, symmetrical layout. Guilloche borders frame the central field throughout.
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Beveiligingstype	Watermark
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