MADAGASCAR. Banque de Madagascar. 50 Francs, ND (1937-47). P-38. PMG Choice About Uncirculated 58.
A popular type from Madagascar, printed in France by the Banque de France. A small group of these turned up several years ago but most pieces have now entered long-term holdings. This example shows just the faintest hint of circulation but also retains good color and crisp paper.

Estimate: $500.00 - $1000.00