50 francs / 10 Ariary

The Institut d'Émission Malgache was established in 1962 as Madagascar transitioned away from the Banque de Madagascar et des Comores following independence, and this series represented the first distinctly Malagasy national issue — though the Banque de France in Paris continued to produce it, as it did for numerous Francophone African states well into the 1970s. Clément Serveau, a prolific designer for French colonial and post-colonial currency, had been working with the Banque de France on African issues since the 1940s.

The dual denomination — francs and ariary — reflects Madagascar's gradual shift toward the ariary as the primary unit, a process not completed until 2005.