Abstract
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.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
References
Online Resource: https://www.dw.com/en/currency-confusion-helps-smokers/a-1477652 accessed on 11.11.22
Fukumi, M., Omatu, S., Takeda, F., Kosaka, T.: Rotation-invariant neural pattern recognition system with application to coin recognition. IEEE Trans. Neural Netw. 3(2), 272–279 (1992)
Fukumi, M., Omatu, S., Nishikawa, Y.: Rotation-invariant neural pattern recognition system estimating a rotation angle. IEEE Trans. Neural Netw. 8(3), 568–581 (1997)
Nölle, M., Penz, H., Rubik, M., Mayer, K., Holländer, I., Granec, R.: Dagobert-a new coin recognition and sorting system. In: Proceedings of the 7th Internation Conference on Digital Image Computing-Techniques and Applications (DICTA’03), Syndney, Australia (2003)
Adameck, M., Hossfeld, M., Eich, M.: Three color selective stereo gradient method for fast topography recognition of metallic surfaces. In: Machine Vision Applications in Industrial Inspection XI (Vol. 5011, pp. 128–139). International Society for Optics and Photonics (2003)
Mitsukura, Y., Fukumi, M., Akamatsu, N.: Design and evaluation of Neural Networks for coin recognition by using Ga and sa. In: Proceedings of the IEEE-INNS-ENNS International Joint Conference on Neural Networks. IJCNN 2000. Neural Computing: New Challenges and Perspectives for the New Millennium (2000)
Laurens, J.P., van der M., Paul J. Boon.: Coin-omatic: A fast system for reliable coin classification Proceedings of the MUSCLE CIS Coin Computation Workshop, Sep. 1, 2006, Germany, pp. 7–17
Shen, L., Jia, S., Ji, Z., Chen, W.-S.: Statictics of Gabor features for Coin Recognition. In: 2009 IEEE International Workshop on Imaging Systems and Techniques (2009)
Al-Zoubi, H.R.: Efficient coin recognition using a statistical approach. In: 2010 IEEE International Conference on Electro/Information Technology (2010)
Modi, S., Bawa, S.: Automated coin recognition system using ann. Int. J. Comput. Appl. 26(4), 13–18 (2011)
Allahverdi, R., Bastanfard, A., Akbarzadeh, D.: Sasanian coins classification using discrete cosine transform. In: The 16th CSI International Symposium on Artificial Intelligence and Signal Processing (AISP 2012) (2012)
Khashman, A., Sekeroglu, B., Dimililer, K.: Intelligent Coin Identification System. In: IEEE International Symposium on Intelligent Control (2006)
Aoba, M., Kikuchi, T., Takefuji, Y.: Euro banknote recognition system using a three-layered perceptron and RBF networks. IPSJ Trans. Math. Model. Appl 44, 99–109 (2003)
Ahmadi, A., Omatu, S., Kosaka, T.: A reliable method for recognition of paper currency by approach to local PCA. In: Proceedings of the International Joint Conference on Neural Networks (2003)
Gunaratna, D.A.K.S., Kodikara, N.D., Premaratne, H.L.: ANN based currency recognition system using compressed gray scale and application for Sri Lankan currency notes-SLCRec. Proc. World Acad. Eng. Technol. 35, 235–240 (2008)
Debnath, K.K., Ahmed, S.U., Shahjahan, M., Murase, K.: A paper currency recognition system using negatively correlated neural network ensemble. J. Multimed., 5(6) (2010)
Guo, J., Zhao, Y., Cai, A.: A reliable method for paper currency recognition based on LBP. In: 2010 2nd IEEE International Conference on Network Infrastructure and Digital Content (2010)
Chetan, B.V., Vijaya, P.A.: A robust side invariant technique of Indian paper currency recognition. Int. J. Eng. Res. Technol. 1(3), 1–7 (2012)
Althafiri, E., Sarfraz, M., Alfarras, M.: Bahraini paper currency recognition. J. Adv. Comput. Sci. Technol. Res. 2(2), 104–115 (2012)
Chalechale, A.: Coin recognition using image abstraction and spiral decomposition. In: 2007 9th International Symposium on Signal Processing and Its Applications (2007)
Kim, J., Pavlovic, V.: Discovering characteristic landmarks on ancient coins using convolutional networks. In: 2016 23rd International Conference on Pattern Recognition (ICPR) (2016)
Roomi, S.M., Rajee, R.B.: Coin Detection and recognition using neural networks. In: 2015 International Conference on Circuits, Power and Computing Technologies [ICCPCT-2015] (2015)
Rajaei, A., Dallalzadeh, E., Imran, M.: Feature extraction of currency notes: An approach based on wavelet transform. In: 2012 Second International Conference on Advanced Computing & Communication Technologies (2012)
Wang, H.-dong, Gu, L., Du, L.: A paper currency number recognition based on fast Adaboost training algorithm. In: s2011 International Conference on Multimedia Technology (2011)
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2023 The Author(s), under exclusive license to Springer Nature Switzerland AG
About this paper
Cite this paper
Mukherjee, R., Pal, N., Sil, R. (2023). A Survey on Currency Recognition Method. In: Abraham, A., Pllana, S., Casalino, G., Ma, K., Bajaj, A. (eds) Intelligent Systems Design and Applications. ISDA 2022. Lecture Notes in Networks and Systems, vol 717. Springer, Cham. https://doi.org/10.1007/978-3-031-35510-3_44
Download citation
DOI: https://doi.org/10.1007/978-3-031-35510-3_44
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-031-35509-7
Online ISBN: 978-3-031-35510-3
eBook Packages: Intelligent Technologies and RoboticsIntelligent Technologies and Robotics (R0)