200 MGA – 1988

1. Overview

• Issuer / Issuing Bank: Issued by the Central Bank of Madagascar (Banky Foiben’i Madagasikara) (en.numista.com).
• Ruling Authority / Period: Released during Madagascar’s Second Republic (1975–1992) (en.numista.com).
• Type: Standard circulation banknote.
• Years of Issue: Circulated from 1988 to 1994 (en.numista.com).
• Value / Currency: Denominated as 1000 Francs, equal to 200 Ariary (notated as roanjato ariary)—fundamentally in Malagasy francs (1963–2004) (en.numista.com, Wikipédia).
• Composition / Material: Printed on paper (en.numista.com).
• Size / Shape: Measures approximately 142 × 76 mm, rectangular in shape (en.numista.com).
• Demonetization Date: Officially demonetized on 30 April 2005 (en.numista.com).

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2. Design & Imagery

• Obverse (Recto)
  Features a portrait of a man believed to be Rakoto Frah, a celebrated Malagasy flautist and composer of Hira-Gasy, depicted wearing a straw hat and playing the sodina (traditional flute) (en.numista.com, Wikipédia).
• Reverse (Verso)
  Showcases the coat of arms of the Democratic Republic of Madagascar, along with imagery of coffee, vanilla, and cloves, signifying key national agricultural exports (en.numista.com).
• Watermark
  Displays the head of a zebu, commonly featured in Malagasy banknote watermarks (en.numista.com).

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3. Security Features

• While no exhaustive catalog entry lists all features, typical elements for this issue include:
  • Watermark: Zebu head (as noted above).
  • Iridescent Ink / Security Strip: Many notes from the era included an iridescent stripe or ink elements, though specifics for P-72 are not explicitly documented in available sources.
  • Anti-Counterfeiting Warning / Microprinting: Though primarily documented in later issues, similar features—such as microprinted text “BANKY FOIBEN’IMADAGASIKARA” or bilingual legal warnings—are consistent with security practices of the Central Bank, even if not always explicitly noted for the 1988 issue (banknoteworld.com, numizon.com).

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4. Production Details & Variants

Printer: Printed by Thomas De La Rue & Co., London, UK (en.numista.com)

Signatures / Governor: The 1988–1994 issues bear signatures corresponding to the Central Bank of Madagascar officials of that period; specific signatory details vary by series.
(en.numista.com)

Numismatic Variants:

• The specimen series, labeled P‑72as (ND 1988), is extremely rare.

• The first main issue, P‑72a (1988–1989), had an approximate print run of 33,000,000 and accounts for ~23% of collector frequency.

• The P‑72ar replacement (ZZ series, 1988–1989) is very rare, with only ~10,000 notes produced.

• A second specimen series, P‑72bs (1989), is also rare, representing ~0.8% of surviving notes.

• The second main issue, P‑72b (1989–1994), is the most common, with ~64,000,000 notes (~77% of collector frequency).

• The P‑72br replacement (ZZ series, 1989–1994) is very rare, with roughly 100,000 notes printed.

Catalog References:

• Standard issue: Pick #72 (SCWPM) (en.numista.com)

• Specimen and replacement variants are cataloged accordingly (e.g., P‑72as, P‑72ar, P‑72br). (banknotes.com)

• Printer: Thomas De La Rue & Co. (De La Rue), London, UK (en.numista.com).

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5. Cultural & Historical Notes

• Rakoto Frah’s Significance
  Rakoto Frah remains the only artist to appear on a Malagasy banknote; his inclusion underscores the cultural emphasis on traditional Malagasy music and identity (Wikipédia).
• Symbol of Agricultural Heritage
  The reverse’s depiction of coffee, vanilla, and cloves highlights Madagascar’s key agricultural exports and their role in national economy and culture (en.numista.com).
• Currency Transition Context
  The note represents a period halfway through the transition from the Malagasy franc to the ariary, where both denominations were displayed—culminating in the ariary becoming the sole official currency in 2005 (Wikipédia, Wikipédia).

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Summary Table

Category	Details
Issuer	Central Bank of Madagascar
Period	Second Republic (1975–1992)
Issue Years	1988–1994
Denomination	1000 Francs = 200 Ariary
Material	Paper
Size	142 × 76 mm
Obverse	Portrait of Rakoto Frah playing sodina
Reverse	Coat of arms, coffee, vanilla, cloves
Watermark	Zebu head
Security	Watermark; likely iridescent features/microprinting
Printer	De La Rue (UK)
Variants	Specimen, P-72a, P-72b, Replacement ZZ series
Demonetization	30 April 2005
Cultural Notes	Rakoto Frah’s legacy, agricultural symbolism, franc–ariary transition