50 Francs / 10 Ariary

Madagascar's Institut d'Émission Malgache was a transitional authority, operational only briefly after independence in 1960 before the Banque Centrale de la République Malgache absorbed its functions. This 50 Francs note — dual-denominated in Ariary at the statutory rate of 5 Francs to 1 Ariary — belongs to that narrow window. Clément Serveau, a prolific designer for the Banque de France's colonial and post-colonial series, supplied the artwork, with Poilliot and Régnier dividing engraving duties between the two faces, a common division of labor at the Imprimerie.

The Ariary overdenomination was legal preparation, not redundancy — Madagascar officially remonetized in Ariary in 1963.