50 Riels

Pick 52 belongs to a low-denomination series that Cambodia kept in print largely for small transactions in the provinces, where dollar substitution had already made inroads into everyday commerce by the early 2000s. The riel's effective circulation in 2002 was heavily segmented — urban Phnom Penh operated increasingly in USD, while rural areas still depended on riel-denominated notes for amounts the dollar couldn't practically cover.

Watermark-only security on a note of this era reflects the denomination's purchasing power more than any lapse in production standards.