Watch List notes:

Banque de Madagascar, specimen 100 francs, ND (1937-1947), serial number 0.000-000, mauve and pale yellow, allegorical local family in field, signatures of Chaudun and Dejouany, reverse mauve and pale yellow, farmer and bullock team, value in red top left(Pick 40s, TBB BDN B6bs, Kolsky 813as), perforated SPECIMEN, minor pinholes top left, soft central fold otherwise a fresh and original extremely fine, scarce.

Estimate: £200.00 - £300.00