The State-of-the-art Technology of Currency Identification: A Comparative Study

Abstract

The security issue of currency has attracted awareness from the public. Despite the development of applying various anti-counterfeit methods on currency notes, cheaters are able to produce illegal copies and circulate them in market without being detected. By reviewing related work in currency security, the focus of this paper is on conducting a comparative study of feature extraction and classification algorithms of currency notes authentication. We extract various computational features from the data set consisting of US dollar (USD), Chinese Yuan (CNY) and New Zealand Dollar (NZD) and apply the classification algorithms to currency identification. Our contributions are to find and implement various algorithms from the existing literature and choose the best approaches for use.