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| 正面描述 | The face of this emergency colonial issue is dominated by the large bold serif lettering 'CINQ FRANCS' at centre, set within a decorative rectangular guilloche border with ornamental corner devices. A text block in the upper field details the emission conditions, with the issuing authority 'COLONIE DE MADAGASCAR ET DEPENDANCES' at the top, and two manuscript signature panels below assigned to the Directeur des Finances and the Trésorier Payeur. A large green overprint reading 'ANNULE' diagonally across the face identifies this as a trial or cancelled specimen. |
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| 正面铭文 | COLONIE DE MADAGASCAR ET DEPENDANCES CINQ FRANCS Emission de DIX MILLIONS de francs garantie par les fonds de la Caisse de Réserve en Rentes sur l'Etat Français en obligations des emprunts de Madagascar et de l'Afrique occidentale française et en bons du Trésor. (Décret du 17 Septembre 1914) Tananarive, le 29 Mars 1917 Le Directeur des Finances Le Trésorier Payeur |
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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.