50 Francs

The Banque de Madagascar et des Comores was itself a transitional institution — created in 1950 to replace the Caisse Centrale de la France d'Outre-Mer's local functions, it continued issuing notes for both Madagascar and the Comoros even as Madagascar moved toward full independence in 1960. This note circulated across that political shift without modification, which is why the issuing authority's name became increasingly awkward in practice.

Clément Serveau designed extensively for French colonial and metropolitan issues through the mid-twentieth century, with Poilliot and Régnier among the more prolific engravers in the Banque de France's atelier. The three signature combinations reflect successive administrative appointments rather than distinct print runs.