DOCSLIB.ORG

A Survey on Banknote Recognition Methods by Various Sensors

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

sensors Review A Survey on Banknote Recognition Methods by Various Sensors Ji Woo Lee, Hyung Gil Hong, Ki Wan Kim and Kang Ryoung Park * Division of Electronics and Electrical Engineering, Dongguk University, 30 Pildong-ro 1-gil, Jung-gu, Seoul 100-715, Korea; [email protected] (J.W.L.); [email protected] (H.G.H.); [email protected] (K.W.K.) * Correspondence: [email protected]; Tel.: +82-10-3111-7022; Fax: +82-2-2277-8735 Academic Editor: Vittorio M. N. Passaro Received: 5 January 2017; Accepted: 4 February 2017; Published: 8 February 2017 Abstract: Despite a decrease in the use of currency due to the recent growth in the use of electronic financial transactions, real money transactions remain very important in the global market. While performing transactions with real money, touching and counting notes by hand, is still a common practice in daily life, various types of automated machines, such as ATMs and banknote counters, are essential for large-scale and safe transactions. This paper presents studies that have been conducted in four major areas of research (banknote recognition, counterfeit banknote detection, serial number recognition, and fitness classification) in the accurate banknote recognition field by various sensors in such automated machines, and describes the advantages and drawbacks of the methods presented in those studies. While to a limited extent some surveys have been presented in previous studies in the areas of banknote recognition or counterfeit banknote recognition, this paper is the first of its kind to review all four areas. Techniques used in each of the four areas recognize banknote information (denomination, serial number, authenticity, and physical condition) based on image or sensor data, and are actually applied to banknote processing machines across the world. This study also describes the technological challenges faced by such banknote recognition techniques and presents future directions of research to overcome them. Keywords: banknote recognition; counterfeit banknote detection; serial number recognition; fitness classification; various sensors 1. Introduction 1.1. Motivation of the Research Despite a decrease in the use of currency due to the recent global expansion in electronic financial transactions, transactions in real money continue to be very important in the global market [1]. While performing transactions in real money, touching and counting notes by hand is still a common practice in daily life, but the use of various types of automated machines has become essential for large-scale and safe transactions. Such automated self-service machines include automated teller machines (ATMs) for money deposits and withdrawals, as well as financial transactions [2], banknote counters [3] and coin counters [4], mostly used in banks, and automatic vending machines, into which money is inserted to purchase goods [5]. These devices must be equipped with four essential functions: banknote recognition, counterfeit banknote detection, serial number recognition, and fitness classification. While limited surveys have been conducted in previous studies on the areas of banknote recognition and counterfeit banknote recognition, this paper is the first survey of its kind to review all four areas. This lack of research is ascribable to the fact that banknote recognition studies have been mostly carried out in industrial settings rather than for academic purposes. In this study, Sensors 2017, 17, 313; doi:10.3390/s17020313 www.mdpi.com/journal/sensors Sensors 2017, 17, 313 2 of 34 Sensors 2017, 17, 313 2 of 32 Sensors 2017, 17, 313 2 of 32 different methods related to the four aforementioned areas used therein are analyzed, and future previousdifferent studiesmethods and related the advantages to the four and aforementi disadvantagesoned areas of the used different therein methods are analyzed, related and to the future four applications are also presented. aforementionedapplications are areasalso presented. used therein are analyzed, and future applications are also presented. 1.2. Scope and Method of Our Research 1.2.1. Scope of Our Research This paperpaper presents presents methodologies methodologies for recognizingfor recognizing banknotes banknotes in the in four the main four categories main categories of banknote of recognition,banknote recognition, counterfeit counterfeit banknote banknote detection, detection, serial number serial number recognition, recognition, and fitness and fitness classification. classification. BanknoteBanknote recognition recognition generally generally concerns concerns classification classification of bankno of banknotestes by denomination, by denomination, i.e., i.e.,the thecurrency currency amount amount of a note of a of note a specific of a specific country. country. This classification This classification also enables also recognition enables recognition of the year of theprinting year of and printing input and direction input direction of the ofclassified the classified denomination. denomination. In some In some studies, studies, the the scope scope of recognition is extended to simultaneous recognition of two or more national currencies. Technologies Technologies for banknote recognition areare describeddescribed inin detaildetail inin SectionSection2 2.. Counterfeit banknote detection generally concernsconcerns methods for distinguishing between genuine and fake notes. As shown in the example of a genu genuineine and a counterfeit USD 100 bill in Figure 11a,b,a,b, respectively, aa validationvalidation checkcheck isis donedone byby examiningexamining anti-counterfeiting features.features. Section3 3 describes describes technologies for counterfeit banknotebanknote detectiondetection inin detail.detail. (a) (b) Figure 1. Example of genuine and counterfeit banknotes (USD 100 bill): (a) a genuine banknote; Figure 1.1. ExampleExampleof of genuine genuine and and counterfeit counterfeit banknotes banknotes (USD (USD 100 100 bill): bill): (a) a(a genuine) a genuine banknote; banknote; (b) a (b) a counterfeit banknote. counterfeit(b) a counterfeit banknote. banknote. A banknote serial number is a unique alphanumerical identifier engraved on each banknote in the A banknote serial number is a unique alphanumer alphanumericalical identifieridentifier engraved on each banknote in the banknote production process. It contains the name of the issuing bank and serial information of each banknote production process. It contains the name of the issuing bank and serial information of each denomination [6]; Figure 2 shows the serial number of a USD 100 bill. Since each banknote has its own denomination [[6];6]; Figure2 2 shows shows thethe serialserial numbernumber ofof aa USDUSD 100100 bill.bill. SinceSince eacheach banknotebanknote hashas itsits ownown unique serial number, it can be used to trace its source and circulation route and can thus be efficiently unique serial number, it can be used to trace its sour sourcece and circulation route and can thus be efficiently efficiently used to detect counterfeit banknotes. Related technologies are described in detail in Section 4. used to detect counterfeit banknotes. banknotes. Related Related te technologieschnologies are are described described in in detail detail in in Section Section 4.4 . Figure 2. Example of serial number code (USD 100 bill). Figure 2. Example of serial number code (USD 100 bill). Sensors 2017, 17, 313 3 of 34 Sensors 2017, 17, 313 3 of 32 Fitness classificationclassification of of banknotes banknotes generally generally concerns concerns methods methods for classifying for classifying banknotes banknotes according toaccording their physical to their conditions, physical conditions, such as soiling. such Asas soil showning. inAs the shown example in the of example two INR of 10 two bills INR in Figure 10 bills3, banknotesin Figure 3, of banknotes the same of denomination the same denomination may exhibit may fit or exhibit unfit conditions, fit or unfit whichconditions, include which soiling include and creasessoiling and (Figure creases3a), depending(Figure 3a), on depending circulation on intensity circulation and intensity climate conditions.and climate In conditions. order to maintain In order theto maintain fitness of the banknotes fitness of in banknotes circulation, in automatedcirculation, self-serviceautomated self-service terminals, suchterminals, as ATMs, such need as ATMs, to be equippedneed to be with equipped a fitness with classification a fitness classification function to sort fu outnction and to retrieve sort out unfit and banknotes. retrieve unfit Retrieving banknotes. unfit banknotesRetrieving isunfit also banknotes necessary foris also preventing necessary banknote for preventing classification banknote errors. classification Fitness classification-related errors. Fitness technologiesclassification-related are described technologies in detail are in described Section5. in detail in Section 5. (a) (b) Figure 3. Example of unfit unfit and fitfit banknotes (INR 10 bill): (a) UnfitUnfit banknote; ((b)) FitFit banknote.banknote. 1.2.2. Method of Our Research 1.2.2. Method of Our Research Figure 4 presents a typical process flow of banknote recognition implemented in a self-service Figure4 presents a typical process flow of banknote recognition implemented in a self-service terminal. An input banknote is scanned by a sensor to discern the image and other data necessary for terminal. An input banknote is scanned by a sensor to discern the image and other data necessary for recognizing its denomination and anti-counterfeiting
Recommended publications
  • The Benchmark for Banknote Packaging in the High-Speed World

    The Benchmark for Banknote Packaging in the High-Speed World

    NotaPack®10 The Benchmark for Banknote Packaging in the High-Speed World www.gi-de.com/notapack10 2 NotaPack® 10 3 Concentrated packaging power NotaPack 10 is the leading banknote PHENOMENAL SECURITY MODULAR, COMPACT, FLEXIBLE FULLY AUTOMATIC – INCREASED PRODUCTIVITY – packaging system worldwide for cash Three main factors drive a high level With a high level of product modularity FULLY INTEGRATED INCREASED EFFICIENCY of security: First, intelligent features and optimum flexibility as a result of The G+D High-Speed World is character- NotaPack 10 packages up to 10 bundles centers and banknote printing works, that safeguard the unpackaged bank- over 30 different modules, NotaPack 10 ized by the perfect integration of every of 500 or 1,000 banknotes per minute – engineered in particular for the de- note bundle right up until it is fully can fulfill all key customer requirements. single element, so it is no surprise that quickly, reliably, and to a consistently manding requirements of the industry. shrink-wrapped. These include optical It also offers integration of up to five NotaPack 10 is designed for perfect high level of quality. The system’s energy It is the flawless packaging solution bundle inspection and advanced access BPS systems, and an extremely compact alignment and compatibility with BPS consumption is very low in comparison protection facilitated by continuous design that is suitable for very confined systems and G+D software. Thus, the to other systems. These considerations for the BPS M3, M5, M7, and X9 conveyor covers with locks and log file spaces (taking up floor space of just ideally alligned end-to-end process make the NotaPack 10 a highly efficient, High-Speed Systems, simultaneously writing (p.
  • Frequently Asked Questions Coins and Notes July 2020

    Frequently Asked Questions Coins and Notes July 2020

    Frequently Asked Questions Coins and Notes July 2020 A. Currency Issuance 1. Under what authority does the Bangko Sentral ng Pilipinas (BSP) issue currency? The BSP is the sole government institution mandated by law to issue notes and coins for circulation in the Philippines. In Particular, Section 50 of Republic Act (R.A) No. 7653, otherwise known as The New Central Bank Act, as amended by Republic Act No. 11211, stipulates that the BSP shall have the sole power and authority to issue currency within the territory of the Philippines. It also issues legal tender commemorative notes and coins. 2. How does the BSP determine the volume/value of notes and coins to be issued annually? The annual volume/value of currency to be issue is projected based on currency demand that is estimated from a set of economic indicators which generally measure the country’s economic activity. Other variables considered in estimating currency order include: required currency reserves, unfit notes for replacement, and beginning inventory balance. The total amount of banknotes and coins that the BSP may issue should not exceed the total assets of the BSP. 3. How is currency issued to the public? Based on forecast of currency demand, denominational order of banknotes and coins is submitted to the Currency Production Sub-Sector (CPSS) for production of banknotes and coins. The CPSS delivers new BSP banknotes and coins to the Cash Department (CD) and the Regional Operations Sub-Sector (ROSS). In turn, CD services withdrawals of notes and coins of banks in the regions through its 22 Regional Offices/Branches.
  • Best Way to Create a Forged Document

    Best Way to Create a Forged Document

    Best Way To Create A Forged Document tasteInsubordinate his poussette Benson spired. eyelet Sex-starved blackly. Glistering and prenominate and polyzoarial Tim chastising Rainer walk-aways her sleepers almost manure unreconcilably, or replevisable though proximately. Hadrian What ease the easiest forgery to detect? If the right age or package java applet attempts free consultations via the forged to create a document, sometimes are filed to discuss how you live testimony of unfair advantage of. Frequently Asked Questions FAQs Department nor Justice. Based on OIG loan fraud investigations false equity injection is a. PhishingSpoofing Both terms intervene with forged or faked electronic documents Spoofing. The fake intelligence document however preceded the up by months. Clear requirements help development teams create content right product And a. How we tell fight a document is forged Syscons. Forgery FindLaw. Any disorder where permit are key documents that character have been forged or. What chance I do deny my fool is forged? During the course seen a marriage one pupil may tape an enjoy that the paid spouse considers to object his holding her own journey Whether the victimized spouse can crowd the other half for theft depends on a fiction of factors State law largely determines this issue. Conditions prescribed by if unless sooner discharged by mainland authority 1a. What the national to be to create a forged document examiners collect contemporaneous writing. What scope is provide 'false' document By hill who didn't make it possess the authority of his who didn't authorise it On blank date list in happy place. Social media sites are very popular in the developing world.
  • Mick-Vort-Ronald-Books.Pdf

    Mick-Vort-Ronald-Books.Pdf

    AUSTRALIAN PAPER CURRENCY PUBLICATIONS by Michael P. Vort-Ronald . Period Title Year Pages Hard $ Soft $ Post $ 1803-1826 Aust. Colonial Promissory Notes 2nd 2012 136 36 5 1817-1914 Banks of Issue in Australia (Pvt. notes) 1982 331 30 20 15 (SA 12) 1817-1910 Aust. Private Banknote Pedigrees 2011 268 49 15 (SA 12) 1850-1950 Aust. Shinplasters, Calabashes 2nd ed. 2007 132 25 5 1850-2013 Australian Misc. & Political notes 2nd. 2013 144 36 5 1910-1914 Australian Superscribed Notes 2008 104 22 5 1913-1966 Australian Banknotes (£) 2nd ed. 1983 344 35 20 15 (SA 12) 1913-2012 Australian Specimen Banknotes 2nd ed. 2013 160 39 15 (SA 12) 1966-1997 Australian Decimal Banknotes 2nd ed 1995 416 49 39 15 (SA 12) 1975-2004 Aust. Banknote Pedigrees (sales 72-04) 2005 508 89 69 15 (SA 12) 1975-2014 2nd edition ₤ series $75, Decimal series 2016 188 42 15 (SA 12) 2006 and 7 Australian Banknote Sales 2005, 6 and 2007 ea 22 ea 5 2008-2013 Australian Banknote Sales 2010 to 2015 ea 27 ea 5 1988-2001 Aust. Modern Numismatic Banknotes 2014 116 30 5 1988-2011 Vort-Ronald Aust. Note Collections 2011 150 36 5 1975-2012 Australian Banknote Errors 2013 200 44 15 (SA 12) 2012-2014 Vort-Ronald in CAB magazine 2015 148 36 5 BANKNOTE ALBUM INTERLEAVES (for existing Lighthouse Vario albums) 1910-2009 Superscribed, uncut pairs, prefixes, polymer 4 th ed. ea 20 5 1913-1966 Australian Banknote Album (£) 2005 64 15 (SA 12) 1966-1996 Decimal Banknote Album (paper) 2007 54 15 (SA 12) 1988-2005 Specialist Album, red and black 2006 40 15 (SA 12) 1994-2000 Annually Dated, red and black 2006 25 5 Vario banknote clear pages ($1.50) each.
  • Federal Reserve Bank of Chicago

    Federal Reserve Bank of Chicago

    Estimating the Volume of Counterfeit U.S. Currency in Circulation Worldwide: Data and Extrapolation Ruth Judson and Richard Porter Abstract The incidence of currency counterfeiting and the possible total stock of counterfeits in circulation are popular topics of speculation and discussion in the press and are of substantial practical interest to the U.S. Treasury and the U.S. Secret Service. This paper assembles data from Federal Reserve and U.S. Secret Service sources and presents a range of estimates for the number of counterfeits in circulation. In addition, the paper presents figures on counterfeit passing activity by denomination, location, and method of production. The paper has two main conclusions: first, the stock of counterfeits in the world as a whole is likely on the order of 1 or fewer per 10,000 genuine notes in both piece and value terms; second, losses to the U.S. public from the most commonly used note, the $20, are relatively small, and are miniscule when counterfeit notes of reasonable quality are considered. Introduction In a series of earlier papers and reports, we estimated that the majority of U.S. currency is in circulation outside the United States and that that share abroad has been generally increasing over the past few decades.1 Numerous news reports in the mid-1990s suggested that vast quantities of 1 Judson and Porter (2001), Porter (1993), Porter and Judson (1996), U.S. Treasury (2000, 2003, 2006), Porter and Weinbach (1999), Judson and Porter (2004). Portions of the material here, which were written by the authors, appear in U.S.
  • In the United States District Court for the District of Columbia

    In the United States District Court for the District of Columbia

    Case 1:05-cr-00185 Document 3 Filed 05/19/2005 Page 1 of 24 IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF COLUMBIA Holding a Criminal Term Grand Jury sworn in on September 30, 2004 UNITED STATES OF AMERICA : CRIMINAL NO. : v. : GRAND JURY ORIGINAL : SEAN GARLAND, : VIOLATIONS: also known as “the Man with the Hat”, : CHRISTOPHER JOHN CORCORAN, : 18 U.S.C. § 371 also known as “Christie”, : (Conspiracy) DAVID LEVIN, : also known as David Batikovich Batikian, : 18 U.S.C. § 470 also known as Gediminas Gotautas, : (Counterfeit Acts Committed also known as “Russian Dave”, : Outside the United States) also known as “Doctor”, : TERENCE SILCOCK, : 18 U.S.C. § 473 also known as “Terry”, : (Dealing in Counterfeit HUGH TODD, : Obligations or Securities) also known as F. B. Rawing, : also known as Peter Keith Clark, : ALAN JONES, : and : MARK ADDERLEY, : : Defendants. : I N D I C T M E N T The Grand Jury charges: COUNT ONE (Conspiracy to Commit Counterfeit Acts Outside the United States) At all times material to this Indictment: Case 1:05-cr-00185 Document 3 Filed 05/19/2005 Page 2 of 24 INTRODUCTION Defendants and Associates 1. Defendant SEAN GARLAND was a citizen of the Republic of Ireland (“Ireland”) residing in the vicinity of Dublin, Ireland, and was Managing Director of an international business consulting company called GKG Communications International, Ltd. (“GKG Comms”), located in Dublin, Ireland. 2. Defendant CHRISTOPHER JOHN CORCORAN, also known as Christie, was a citizen of Ireland, residing in the vicinity of Dublin, Ireland, had long been associated with defendant SEAN GARLAND, and had established a business relationship with defendant TERENCE SILCOCK.
  • Estimation of Euro Currency in Circulation Outside the Euro Area1

    Estimation of Euro Currency in Circulation Outside the Euro Area1

    EXTERNAL STATISTICS DIVISION ECB-PUBLIC 6 April 2017 ETS/2017/091 Estimation of euro currency in circulation 1 outside the euro area 1. Introduction Recent empirical evidence on currency in circulation has shown a significant inconsistency between total currency in circulation and the estimates of holdings in various statistical domains.2 Some of the evidence points to the European Central Bank (ECB) estimate of euro currency circulating outside the euro area as a prominent cause of this inconsistency.3 In this context, in 2015 and 2016 the European System of Central Banks (ESCB) discussed alternative methods for the estimation of circulation outside the euro area. A new methodology was approved in December 2016 and introduced on 6 April 2017 with the release of quarterly balance of payments (b.o.p.) and international investment position (i.i.p.) statistics for the last quarter of 2016. The following sections present and explain the new methodology used to estimate euro currency holdings by non-euro area residents. 2. New estimation method: lower and upper bounds Given the large variability in the results of the various estimation methods tested and discussed by the ESCB Statistics Committee (STC) in 2016, it was decided to continue using a linear combination of two methods rather than selecting a single method. Two estimates have been chosen to set boundaries to circulation outside the euro area by establishing a lower limit (an estimate of minimum circulation under certain reasonable assumptions on not observable data) and an upper limit (an estimate of a maximum circulation, also on under certain assumptions).
  • Professions in Finance

    Professions in Finance

    PROFESSIONS IN FINANCE KUGENER Noah Tutrice: MOSSIAT Amélie Lycée Ermesinde Mersch Travail personnel 2019-2020 KUGENER Noah 2019/2020 Travail Personnel Tutrice : Amélie Mossiat Professions in finance Professions in Finance 1. Table of Contents 1. Table of Contents ............................................................................................................................ 1 2. Introduction .................................................................................................................................... 4 3. Glossary ........................................................................................................................................... 5 3.1 Portfolio ........................................................................................................................................ 5 3.2 Securities ....................................................................................................................................... 5 3.3 Assets ............................................................................................................................................ 5 3.4 Transaction settlement ................................................................................................................. 5 3.5 Stock .............................................................................................................................................. 6 3.6 Market ..........................................................................................................................................
  • North Korea and the Supernote Enigma

    North Korea and the Supernote Enigma

    North Korea and the Supernote Enigma Allegations that North Koreans are counterfeiting U.S. currency By Gregory Elich Region: Asia Global Research, May 07, 2008 Theme: Global Economy Korea Policy Institute 7 May 2008 In-depth Report: NORTH KOREA North Korea, it is often said, is a criminal state. One of the more persistent stories supporting that allegation is that the North Koreans are counterfeiting U.S. currency. Through repetition, the claim has taken on an aura of proven fact. This in turn has been cited as justification for everything from imposing punitive measures against North Korea to suggesting that the nation cannot be trusted as a partner in nuclear negotiations. The evidence against North Korea is widely regarded as convincing. “The North Koreans have denied that they are engaged in the distribution and manufacture of counterfeits,” says Daniel Glaser of the U.S. Treasury Department, “but the evidence is overwhelming that they are. There’s no question of North Korea’s involvement.”1 There is no denying that North Korean citizens have been caught passing counterfeit currency in Europe and Asia, and some defectors from the Democratic People’s Republic of Korea (DPRK — the formal name for North Korea) claim to have first-hand knowledge of state-run counterfeiting operations. In Western media reports the case is treated as proven. Yet the closer one examines the matter, the murkier the picture becomes. Counterfeit currency attributed to North Korea raises deep concern due to its extremely high quality. Dubbed supernotes, their production process closely matches that of the genuine article, and the engraving is so fine it rivals that of the U.S.
  • MDS 9000R Multifunction Cash-In, Cash-Out and Bulk Cheque Deposit

    MDS 9000R Multifunction Cash-In, Cash-Out and Bulk Cheque Deposit

    MDS 9000R Multifunction Cash-In, Cash-Out and Bulk Cheque Deposit Automatic stamping Automatic cheque Large cash storage capacity sorting bin Front crossing on each cheque using Enables cheque sorting into 4 5 cassettes, Total capacity of up to rotary stamp pockets, eliminating additional 17,000 banknotes cheque handling Supports image-based Banknote serial number Cash recycling module cheque clearing reader Equipped with automatic front Automatic recognition of serial Optimise your cash management stamping and rear endorsement numbers to aggregate useful resources printers, and on-board scanner analytic data Rototype International MDS 9000R The best of breeds in 1 kiosk The Rototype MDS 9000R is the latest addition to our range of multifunction self-service solutions which offers three of the most frequently used 24-hours services within a single footprint. It boasts our flagship module for bulk cheque deposit that accepts up to 35 cheques in a single feed operation, and is capable of real-time endorsements and image capture to support image-based cheque processing standards in your country. The MDS 9000R also incorporates a worldwide- accepted cash recycling module that enables cash-in and cash-out functionalities with recycling capabilities, so that your bank can now fully optimise the use of physical space and cash management resources. The MDS 9000R is what every bank needs to fulfil your customers’ basic banking needs in 24-hour lobbies, commuter stations and street corners. - Advanced recycling functions for cash deposit and cash
  • Discover the New €50 Banknote

    Discover the New €50 Banknote

    THE EUROPA SERIES: GETTING READY THE EUROPA SERIES INTRODUCTION European Central Bank Sonnemannstrasse 20, 60314 Frankfurt am Main, Germany Tel.: +49 69 1344 7455 Fax: +49 69 1344 7401 Is your equipment ready for the new €50? Why new banknotes? Email: [email protected] If you are a retailer or if you regularly use cash-handling machines and Banknote security features need to be improved from time to time to make the www.bnb.bg Banque Nationale de Belgique /Nationale Bank van België Deutsche Bundesbank Tél. / Tel. : +32 2 221 2578 Tel.: +49 69 9566 3512 authentication devices you should ensure your equipment is adapted for the notes even more resistant to counterfeiting. All the banknotes in the Europa series [email protected] [email protected] new €50 banknote before it enters into circulation in April 2017. are also being given a fresh look. This has now been done with the new €50, Eesti Pank Banc Ceannais na hÉireann /Central Bank of Ireland Tel: +372 668 0719 Phone: +353 1 219 8858 which includes a portrait window visible on both sides as well as other enhanced [email protected] [email protected] To check whether your equipment can be upgraded to recognise the new note, security features. As a result, it is even more secure and remains easy to check. www.nbb.be www.bundesbank.de www.cnb.cz Bank of Greece/Τράπεζα της Ελλάδος Banco de España please ask your supplier. You can also consult a list of tested types of machine and Tηλ.: +30 210 320 3447 Tel.: +34 91 338 5999 [email protected] [email protected] device on the ECB’s website at A gradual introduction for the new series Banque de France Banca d’Italia www.ecb.europa.eu/euro/cashprof/cashhand/devices/html/results.en.html Phone : 33 1 42 92 94 92 Tel: +39 06 47924878 [email protected] [email protected] The list shows whether a particular type of machine or device has already been The Europa series banknotes are being introduced over several years.
  • A BRIEF HISTORY of MONEY

    A BRIEF HISTORY of MONEY

    a BRIEF HISTORY of MONEY By Mark Barry © 2008 AFES www.afes.org.au Please do not republish without permission, but feel free to copy for personal use. Sources: ‘The History of Money’ (www.pbs.org/wgbh/nova/moolah/history.html); Money Through the Ages by John and Jennifer Barwick (Heinemann Library, 2002). ‘Money’ in the New Bible Dictionary, (IVP, 1997). Metal money Bronze and copper copies of Cowrie shells, as well as monies shaped Barter Banks in the form of tools (eg. hoes and shovels), Exchanging goods and For a small fee (or were used extensively in services for mutual deposit), temples and China. These were later Leather money benefit has existed pretty palaces in Mesopotamia developed into crude much from the beginning offered safe storage of round coins with holes at The first banknote of time and is still used valuables (eg. grain, the centre, which could appeared in China as today throughout the livestock, precious be strung together as squares of painted world in place of money. metals). chains. leather. PRE-HISTORY 2,000 BC 1,000 BC 100 BC 10,000 BC 1,200 BC 700 BC Commodities Shells Metal coins Old Testament coins (600-450 BC) The use of commodities The Cowrie shell was The first coins outside of (basic, commonly needed widely used as a form China started appearing - Persian gold daric items) as a unit of of currency throughout in Lydia (modern-day (1 Ch 29:7; Ezr 2:69; exchange is the oldest Asia, the South Pacific Turkey) and were made Ne 7:70) form of money known and (up to recently) of electrum (a natural - Jewish silver shekel in history.