Watch List notes:

Banque de Madagascar, 50 Francs, ND (1937-47), serial number W845784, multicolour, seated Minerva with helmet and shield at left and seated woman representing science with lantern at right, reverse, bust of Demeter at centre surrounded by three cherubim offering fruit a foliage,, (Pick 38, TBB B205b), minor folding and marking at corners, otherwise good very fine.

Estimate: £40 - £60