Banknotes
Following emergency issues between 1914 and 1917 related to the availability of 5, 10 and 20 franc notes, distinct Malagasy notes were introduced in 1925 in denominations of 5, 10, 20, 50, 100 and 1000 francs. The lower three denominations were replaced by coins in the 1940s and 50s, with 5000 franc notes introduced in 1950.
From 1961, banknotes were issued denominated in both francs and ariary. Following France’s switch to the euro, Madagascar decided it was time to phase out the franc as well. While still denominated in both ariary and francs, on notes issued since 31 July 2003, the former is emphasized with larger fonts and predominant placement. Beginning in 2007, new notes no longer contain references to the franc as a currency, and are instead denominated solely in ariary, which replaced the franc as the official currency of Madagascar on 1 January 2005, at a rate of 5 francs per ariary.
Read more about this topic: Malagasy Franc