5000 Francs / 1000 Ariary

The Institut d'Émission Malgache was a transitional authority established at independence in 1960 to manage currency while Madagascar moved away from the CFA franc zone — this note belongs to that brief window before the Banque Centrale de Madagascar took over in 1973. Clément Serveau designed extensively for French colonial and post-colonial issues; André Marliat and Pierre Munier were among the most accomplished intaglio engravers working at the Banque de France during this period.

The dual denomination — francs and ariary — reflects the political awkwardness of the moment, acknowledging a Malagasy unit of account that predated French colonization while the franc remained the actual legal tender.