A Malagasy banknote issued by Banque de Madagascar to the value of 20 francs. On the front is depicted a white woman (representing France) shaking hands with a Malagasy woman carrying a baby, and on the reverse, a Malagasy man. There is a watermark of a girl's head in profile. This design dates back to 1926, but notes bearing these signatures (Controleur Général André Dejouany and Directeur Général Maurice Gonon) were not introduced until 1948. Printed by Chaix-Paris of France.