50 Centimes

The Chambre de Commerce de Madagascar issued this note during a severe small-change shortage that followed World War One — a problem widespread across French colonial territories, where metropolitan coin supplies were disrupted and local commerce ground down to barter in the absence of fractional currency. Chambers of commerce across the French empire were authorized to fill the gap with their own emergency papier-monnaie, and Madagascar's was among the later issues in that wave.

Mouchon is best known as the engraver behind the 1902 French "Mouchon" postage stamp series — his involvement here points to a design originating in Paris, likely through the standard colonial printing channels, rather than any local production.