200 Ariary / 1000 Francs

Madagascar's dual-denomination system — where each note carries both an ariary and a franc value in a 1:5 ratio — survived well into the 2000s despite the ariary having been reintroduced as the sole official currency in 1963 and reaffirmed by law in 2003. The franc designation on this note is essentially vestigial, a concession to a population that never fully abandoned franc-based mental accounting after decades of use.

The 2004 date places this issue in the transitional window when the franc was officially being phased out of labeling entirely — later printings dropped it.