Madagascar Banknotes Catalog
The history of banknotes in Madagascar reflects the economic and political evolution of this island nation. Since its independence in 1960, Madagascar has undergone several changes in its monetary system, going through different designs and denominations in its banknotes.
Current banknotes in circulation
Currently, Madagascar's official currency is the Malagasy ariary, introduced in 2005 to replace the Malagasy franc. Banknotes in circulation include denominations of 100, 200, 500, 1000, 2000, 5000, 10000 and 20000 ariary. These banknotes feature colorful designs that highlight the island' s unique flora and fauna, as well as cultural and historical elements important to the country.
Old banknotes and relevant facts
Prior to the ariary, Madagascar had been using the Malagasy franc since 1963. Banknotes of this era reflected the French influence and the transition to independence. An important milestone in Malagasy notafilia was the issuance of commemorative banknotes in 1994 to celebrate the 35th anniversary of independence. In addition, during the economic crisis of the 1980s, Madagascar experienced hyperinflation that led to the printing of high-denomination banknotes, including a 50,000 Malagasy franc bill in 1988.
| Country | Madagascar |
| Flag | |
| Coin | Malagasy ariary (MGA) |
| 1€ | Ar5,113.64 |
| Continent | Africa |
| Capital city | Antananarivo |
| ISO2 | MG |
| ISO3 | MDG |
| Catalogued banknotes | 44 |
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Valuable and popular banknotes
The most valuable Madagascar banknotes sought after by collectors are the following:
