Watch List notes:

MADAGASCAR, Colonial. French. Third Republic. 1897-1940. Cardboard 1 Franc – Iraimbilanja (40x24mm). Emergency issue. Issued December 1916-December 1919. Zebu standing right. Pasted on a 25 centimes stamp and varnished as made. Chauvicourt 18; MCF 22 var. (unvarnished types); Pick 32. Near EF.

From an English private collection of coins and medals relating to Madagascar, formed from the 1960s to the present.