A Survey on Currency Recognition Method

Currency is an important part of trading in our everyday life. Although humans can easily identify and recognize currency used in everyday life, the problem of currency recognition arises when automated machines have to identify currencies for different tasks. The need for an efficient currency recognition system occurs due to the mainstream use of vending machines, currency counters and in several banking areas. With new technology, machines make tedious and monotonous jobs easy for us. Smart trading is impossible without an accurate and efficient currency recognition method. It is widely used in archaeology to identify and study the ancient coins from different eras and places and know more about the period it is from. It also possesses an excellent scope for an intelligent future. Over the years, various number of currency recognition techniques has been developed. Most of them (mechanical and electromagnetic methods) depend on the physical parameters of the currency while image processing methods depend on the features like shape, colour, and edge. The later includes several steps like image acquisition, pre-processing, feature extraction and classification of the given currency. In this paper, authors have briefly discussed the various methods or techniques used for both coin and paper currency recognition. All these methods use variety of techniques and tools to increase the efficiency and accuracy of recognition. The method to be used for currency recognition should provide the maximum accuracy for a variety of coins, but it should also be efficient in terms of cost, time, space, and more. By summarizing all the works till date on currency recognition, the authors have compared all the methods to look for a suitable currency recognition method and the areas that need to be worked upon to produce an even better currency recognition system.