RECENT DEVELOPMENTS IN PAPER CURRENCY RECOGNITION SYSTEM

Currency denomination recognition is one the active research topics at present. And this wide interest is particularly due to the various potential applications it has. Monetary tra nsaction is an integral part of our day to day acti vities. However, blind people particularly suffer in monetary transactions. They are not able to effectively distinguish between var ious denominations and are often deceived by other people. Also, a reliable currency recognition system could be used in any sector whe rever monetary transaction is of concern. Thus, there is an ardent need to design a system that is helpful in recognition of paper c urrency notes correctly. Currency denomination detection is a vast area of research a nd significant progress had been achieved over the years. This paper presents an extensive survey of research on various development s in recent years in identification of currency den omination. A number of techniques applied by various researchers are discu ssed briefly in order to assess the state of art.