FRF). Coins The first Malagasy coins were issued in 1943 by the Free French. These were bronze 50 centime and 1 franc coins bearing the Cross of Lorraine symbol. In 1948, aluminum 1 and 2 franc coins were introduced, followed by aluminum 5 francs and aluminum bronze 10 and 20 francs in 1953. From 1965, coins were issued denominated in both francs and ariary. 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. References External links Central Bank of Madagascar web site History of Malagasy currencies Les Monnaies à Madagascar (PDF) Historical banknotes of Madagascar Currencies of Africa Currencies of Madagascar History of Madagascar Modern obsolete currencies 1925 establishments in the French colonial empire 2005 disestablishments in Madagascar