MADAGASCAR. Institut dEmission Malgache. 500 Francs, 1952 (ND 1961). P-53. PMG Choice Uncirculated 64.A very scarce high grade 500 Francs = 100 Ariary for the Institut dEmission Malgache. This is the first in quite some time that we can revel seeing yet alone handling. A truly rare piece sure to be missing from Madagascar collections as they are rarely available.