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Advancement of technology over the recent past as lead to an increase in circulation of counterfeit
currency notes in today’s economy. In order to combat with this issue, an automatic system can be used
for recognizing paper currencies using certain predefined areas of interest and then extracting the
denomination value based on characteristics such as size, color, texture and detection using fundamental
image processing techniques. In this technique first the image acquisition is done and applies pre-
processing to the image. In pre-processing crop, smooth and adjust then convert the image into grey
colour after conversion apply the image segmentation then extract features and reduce, finally comparing
image. It uses the comparison between the input banknote and the calculated reference values for different
parameters of original banknotes in a similar environment. Hence the system is able to accurately and
quickly identify the currencies.

Keywords: Counterfeit, Image processing, Denomination, Image acquisition, Image segmentation.