5 Francs

The Banque de Madagascar was a private colonial institution operating under French government concession, not a state central bank — a distinction that mattered when the post-war monetary reforms of 1945–46 began unwinding the old colonial currency arrangements. This note circulated across a remarkably long span, bridging the quiet interwar years and the disruptions of Vichy administration, when Madagascar fell under the authority of the French State before the British occupation of 1942 forced a realignment toward Free France.

Deloche was among the more accomplished intaglio engravers working for the Banque de France printworks during this period. Leclerc's involvement places the design firmly in the tradition of French colonial issue graphics produced in-house rather than contracted to outside firms.