AI-ML driven fake currency detection system

Counterfeiting of currency refers to the creation of fake currency that resembles the original closely. Counterfeits of currency notes, coins etc. are known to exist and are currently a huge threat to the world economy. Counterfeiting of Currency is as old as currency itself. Cowrie shells are a contender for the oldest known form of money, having been used as money between 3300 and 2000 BC. Ivory, bone, clam shells, stone, and later bronze were also used as counterfeits. Greek coins were frequently faked around 400 BC by encasing a less valued metal in a layer of precious metal. Another technique involved creating a mould from a genuine copper coin of relatively low value, which was then filled with molten metal to create a fake. In today’s times, it is extremely easy to counterfeit currency, given that related materials are easily accessible to the public. There are various methods for detecting counterfeit currency, ranging from manual inspection to sophisticated technological tools. In this paper, we will provide an overview of the most commonly used methods for detecting fake Indian currency, issued by the Reserve Bank of India, as well as propose a new method for the same.