1000 Riels

Cambodia's 1000 Riel notes from this period circulate at a value so negligible — roughly a quarter of one US cent at current rates — that they function less as currency and more as small-change filler in a dollarized economy. The USD dominates everyday transactions in Cambodia; the Riel exists largely for amounts below one dollar, and the National Bank issues notes like this one knowing they will be heavily used, passed through many hands, and rarely saved.

The single watermark as the lone security feature reflects that economic reality. There is little incentive to counterfeit a note worth this little.