Watch List notes:

MADAGASCAR: 20 Francs (ND 1948) in yellow-brown. Personification of France and African woman with child at right. S/N: "T.874 0782". Printed by Imp Chaix, Paris. Signatures by Gonon & Dejouany. Inside holder by ICG "ALMOST UNC 55". (Pick 37) & (Spink BDM B4c).