CIRCULATED WITH MINOR TEARS AND PINHOLES
Obverse
On the right, a French woman holding the hand of a Malagasy woman with her child in her right arm. Round cartouche on the left containing the watermark. Various friezes and drawings adorn the rest of the vignette.
Script: Latin
Lettering:
Banque de Madagascar
vingt francs
IMP. CHAIX. PARIS
Reverse
Three-quarter head of a man in a medallion on the left, on the right a medallion of the same shape as the one on the left hosts the watermark
Script: Latin
Printer
Imprimerie Chaix, Paris, France (1845-1965)
