50 Ringgit

The P#23 series marked a significant reorientation in Malaysian note design — this was among the early issues printed by Thomas De La Rue under Bank Negara's push to consolidate printing arrangements with a single major security printer after the mixed production runs of the 1970s. The 50 Ringgit denomination sat at an awkward commercial position: high enough to require careful security treatment, but not a note the public handled daily, which kept circulation wear relatively low on surviving examples.

Watermark protection alone was considered sufficient at the time, before Bank Negara began demanding more layered security in subsequent series. The series was replaced within a few years, limiting the issue window considerably.