5 Francs / 1 Ariary

Madagascar had no local banking infrastructure capable of producing emergency currency when World War One disrupted French colonial finance. This note was issued directly by the colonial government — not by a bank — specifically because the Banque de Madagascar did not yet exist; it was only founded in 1925.

The denomination bridge between francs and ariary reflects an older Malagasy unit that predated French annexation and remained deeply embedded in local exchange. One ariary equaled five francs in this system — the dual labeling was a practical concession to a population that continued to reckon in ariary regardless of official policy.