Watch List notes:

Banque De Madagascar, 50 Francs, ND (1937-1947) serial number F.977 640, light green on multicolour, Minerva with shield at left, female allegory of science at right, reverse bust of Demeter, Greek goddess of harvest, at upper centre surrounded by agricultural imagery,, (Pick 38, TBB B205c), in PMG holder 64 Choice Uncirculated, very rare and superb condition.

Estimate: £400 - £500