500 Francs / 100 Ariary

The Institut d'Émission Malgache was Madagascar's transitional issuing authority, established after independence in 1960 and eventually replaced by the Banque Centrale de la République Malgache in 1973 — which effectively sets the closing date for this series. The dual denomination reflects the 1961 introduction of the Ariary as a parallel unit equal to five Francs CFA, a deliberate step toward a distinctly Malagasy monetary identity without an immediate hard break from the franc zone.

Pierrette Lambert was among the relatively small circle of engravers working at the Banque de France's printing works in this period, and her credit appearing on a colonial-era successor issue is worth noting for researchers tracking her output.