100 MGA – 1988

1. Overview

• Issuer / Issuing Bank: Issued by the Central Bank of Madagascar (Banky Foiben’i Madagasikara) during the Second Republic era (approx. 1975–1992) (Numista, banknoteindex.com).
• Type / Value / Currency: Standard circulation banknote denominated 500 Malagasy francs, equivalent to 100 Ariary. At the time, the Ariary was a non-decimal currency (1 Ariary = 5 francs) (Numista, Wikipedia).
• Period / Years of Issue: Issued 1988–1994, with variants and specimens marking this range (Numista, banknoteindex.com).
• Composition / Size / Shape: Made of paper, rectangular in shape, sized at 132 × 72 mm (Numista, numisquare.com, banknoteindex.com).
• Demonetization: Withdrawn from legal tender on 30 April 2005 (Numista).

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2. Design & Imagery

• Obverse (Recto)
  Features a young Malagasy fisherman holding a basket of fish, framed by inscriptions of the issuing bank and denominations in both Malagasy and Latin script (Numista, numizon.com).
• Reverse (Verso)
  Displays an aerial or general view of the port of Toamasina (Tamatave). Text includes the issuing bank and denomination (500 francs / 100 Ariary) (Numista, Mintage World, numizon.com).
• Watermark
  A zebu’s head watermark is incorporated as a security measure (Numista, numisquare.com).

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3. Security Features

• Watermark: Zebu’s head, visible when held to light (Numista, numisquare.com).
• Other specific modern security elements—such as threads, microprinting, or UV features—are not explicitly documented in available sources for this note, but typical banknotes of the era may include such features.
• MintageWorld confirms the watermark and classic imagery but doesn’t detail additional elements (Mintage World).

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4. Production Details & Variants

• Printer
  Produced by Thomas De La Rue (De La Rue), based in London (Numista, numizon.com).
• Variants & Print Runs
  According to Numista:
  • 1988 (No Date) specimens: ~3% frequency
  • 1988–1989 standard: ~35 million notes, ~40% occurrence
  • 1989–1994 standard: ~70 million notes, ~60% occurrence
  • A rare 200 000-note variant (~0% observed by collectors) (Numista).

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5. Cultural Notes & Context

• The choice of a young fisherman reflects Madagascar’s reliance on fishing and coastal livelihoods.
• The port of Toamasina symbolizes one of Madagascar’s vital economic hubs for trade and shipping.
• The dual denomination (Franc/Ariary) signifies the transitional period in Madagascar’s monetary system until the Ariary became official in 2005 (Wikipedia, Mintage World).
• Expert catalogues such as Numizon and the Banknote Book (Pick #71, Banknote Book reference B305) corroborate the design and printer information (numizon.com, banknoteindex.com).
• Although the Ariary name derives from pre-colonial usage (from “real”), and the franc remained functional for decades, this note is part of the symbolic shift toward the Ariary as the dominant unit (Wikipedia).

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Summary Table

Category	Details
Issuer	Central Bank of Madagascar (Banky Foiben’i Madagasikara)
Value	500 Francs = 100 Ariary
Years Issued	1988–1994
Composition	Paper
Size / Shape	132 × 72 mm; Rectangular
Obverse	Fisherman with fish
Reverse	Aerial view of Port of Toamasina
Watermark	Zebu’s head
Printer	Thomas De La Rue, London
Variants & Runs	~35M (1988–89), ~70M (1989–94), few specimens
Demonetized	30 April 2005
Cultural Significance	Reflects fisheries economy, trade port, transition to Ariary