500 Ariary / 2500 Francs Paper

Madagascar's dual-denomination system — where Ariary and Francs coexisted on the same notes — dates to 1961, when the Ariary was introduced as a unit equal to five Francs. The Franc had been legal tender since the colonial period, and the transition was gradual enough that banknotes continued to display both values simultaneously for decades, long after most countries would have completed the switch. The 2004 series arrived just before the Franc was formally abolished in 2005, making this among the last issues to carry the dual designation as an active legal requirement rather than a courtesy conversion.