Information:
| Reference | P#37 |
| Country | Madagascar |
| Period | Franc (1925-1945) |
| Currency | Ariary |
| Denomination | 20 Ariary |
| Type | Circulation banknotes |
| Year | 1928-1953 |
| Shape | Rectangular |
| Composition | Paper |
| Demonetized | Yes |
| Size (WxH) | 140x92 mm |
Obverse:
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Latin
Obverse textBanque de Madagascar
vingt francs
IMP. CHAIX. PARIS
Obverse symbolOn 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.
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Reverse:
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Latin
Reverse symbolThree-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
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Varieties:
| Date | Variety | Iss. | Value | ||||||
|---|---|---|---|---|---|---|---|---|---|
| VG | F | VF | XF | AU | UNC | ||||
| ND (1928) | (fr) 37sa specimen Saurin/Dejouany | + | - | - | - | - | - | - | |
| ND (1928-1937) | (fr) 37a Saurin/Dejouany | - | - | - | - | - | - | ||
| ND (1937) | (fr) 37sb specimen Chaudin/Dejouany | - | - | - | - | - | - | ||
| ND (1937-1947) | (fr) 37b Chaudin/Dejouany | - | - | - | - | - | - | ||
| ND (1947) | (fr) 37pc epreuve sur grand format | - | - | - | - | - | - | ||
| ND (1947) | (fr) 37sc.1 specimen Gonon/Dejouany | - | - | - | - | - | - | ||
| ND (1947-1953) | (fr) 37c Gonon/Dejouany | - | - | - | - | - | - | ||