1. Overview
- Issuer / Issuing bank: Central Bank of Madagascar (Banky Foiben’i Madagasikara) (banknotecollection.com, banknotes.com, banknoteworld.it).
- Period / Years: First issued on 25 November 2004, circulated during 2004–2006 (banknotes.com, vcoins.com, banknoteworld.it).
- Type: Standard circulation banknote.
- Face value: 200 Ariary (also denominated as 1 000 Francs in smaller print) (banknotes.com, colnect.com).
- Currency: Malagasy Ariary (ISO code: MGA) (Wikipedia).
- Composition: Cotton-based paper (banknotecollection.com, en.foronum.com).
- Size: 126 × 63 mm, rectangular (banknotecollection.com, en.foronum.com, banknoteworld.it).
- Shape: Rectangular.
- Demonetized: Withdrawn from exchange at Central Bank by June 2021; no longer legal tender (banknoteworld.com, Reddit).
2. Design and Imagery
Recto (Obverse)
- Depicts the entrance to a highland village and the gateway to the Queen’s Summer Palace in Antananarivo (Tananarive) (colnect.com, LastDodo).
- Themes: houses, landscapes—reflecting local architecture and culture (colnect.com).
Verso (Reverse)
- Features aloalo sculptures—a traditional funerary tomb pole motif from southern Madagascar—paired with zebu skulls and a small map of Madagascar as part of the design (banknotes.com, LastDodo, banknoteworld.com).
- The denomination appears both in Ariary (200) and in Franc (1 000) in small print (banknotes.com, colnect.com).
3. Security Features
- Watermark: Zebu head with electrotype “200” embedded in the paper (banknoteworld.com, banknotes.com).
- Security thread: Solid red and green thread printed with “BFM 200” (banknoteworld.com).
- Registration device: Map of Madagascar integrated into the design for alignment/anti-counterfeiting (banknoteworld.com).
4. Production Details and Variants
- Printer: Likely printed by Banque de France in Chamalières or by specialized security printers (per collector sources) (colleconline.com, banknoteworld.it).
- Catalog variants:
- P-87a: Signature by Gaston Édouard Ravelojaona (Signature 5) (colnect.com, banknoteworld.it).
- P-87b: Signature by Frédéric Rasamoely (Signature 6) (banknoteworld.it, LastDodo).
- P-87c: Signature by Alain Hervé Rasolofondraibe (Signature 6 alternate) (colnect.com).
- Serial signatures indicate different signatory periods, likely linked to changes in Central Bank governance.
- Catalog references: KM-87a (P-87a), P-87b, P-87c per standard banknote catalogs (vcoins.com, banknoteworld.it, colnect.com).
5. Cultural Notes & Additional Context
- The dual denomination (Ariary and Franc) reflects Madagascar’s transitional currency system (1 Ariary = 5 Francs) during that period (Wikipedia, Wikipédia).
- Aloalo motifs emphasize traditional funerary art, signaling deep cultural heritage and respect for ancestry.
- Recto imagery—village gateway and palace entrance—highlights historical architecture and cultural identity.
Summary Table
| Feature | Details |
|---|---|
| Issuer | Banky Foiben’i Madagasikara (Central Bank of Madagascar) |
| First Issued | 25 November 2004 |
| Circulation Period | 2004–2006 |
| Demonetized | By June 2021 |
| Value | 200 Ariary (1 000 Francs) |
| Composition | Paper |
| Size | 126 × 63 mm |
| Design (Obverse) | Village entrance, Queen’s Summer Palace Gateway |
| Design (Reverse) | Aloalo funerary poles, zebu skulls, map of Madagascar |
| Security Features | Zebu watermark, electrotype “200”, colored security thread, map registration |
| Variants | P-87a (Ravelojaona), P-87b (Rasamoely), P-87c (Rasolofondraibe) |
| Cultural Significance | Reflects architectural heritage, funerary arts, transition in currency usage |





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