Watch List notes:

Institut d'Émission Malgache, Madagascar, 1,000 francs/200 Ariary, 9th October 1952, serial number W.432 117, multicolour, Hauts-Plateaux woman and man at left, reverse, cattle pulling cart, (Pick 54, TBB B104), pinholes, flattened, in WBG holder 25 Very Fine, scarce.

Estimate: £100 - £150