500 Riels

P#54 was introduced as Cambodia rebuilt its banking infrastructure in the post-UNTAC period, when the National Bank was still working to establish public confidence in domestic paper currency — a slow process in a country where the riel had been completely abolished by the Khmer Rouge in 1975 and only reintroduced in 1980. The long print run spanning over a decade reflects that cautious, incremental approach to monetary normalization rather than any particular printing demand.

Security provision on this issue is minimal — watermark only, with no security thread or color-shifting ink. For a denomination in active circulation through the 2000s, that's notably light.