Patent ID: 8837805

Claim:
A system for verification of a banknote at a point of purchase, the system comprising: a banknote received from a purchase, the banknote having an unknown legitimacy status; a checking device having an optical reader; a computing device in communication with the checking device, wherein a record of a serial number of a banknote optically read by the optical reader is transmitted to the computing device, wherein the record of the serial number of the banknote is stored within an account folder on a memory of the computing device; a fail archive folder having a plurality of stored invalid serial numbers corresponding to a plurality of invalid banknotes, wherein the fail archive folder is within the memory of the computing device; and a processor of the computing device, wherein during a check-in process, the processor: compares the serial number of the banknote having the unknown legitimacy status to the plurality of stored invalid serial numbers within the fail archive folder; transmits a result of the comparison of the comparison of the serial number of the banknote with the plurality of stored invalid serial numbers to the checking device; and indicates, at the checking device, the result of the comparison of the serial number of the banknote with the plurality of stored invalid serial numbers, wherein the unknown legitimacy status of the banknote is updated to a valid, checked-in status in response to a negative result of the comparison of the banknote with the plurality of stored invalid serial numbers, wherein the record of the serial number is transferred into a check-in folder within the memory of the computing device, wherein the check-in folder is a subset of the account folder having a plurality of valid serial numbers corresponding to a plurality of valid banknotes; and wherein, during a check-out process of a monetary transaction, the serial number of the banknote is optically read with the checking device, and a record of the serial number of the banknote is transmitted to the computing device, wherein the processor: re-compares the serial number of the banknote having the valid, checked-in status to the plurality of stored invalid serial numbers stored within the fail archive folder to receive a verification of continued banknote validity since the check-in process of the banknote; and removes the serial number of the banknote from the check-in folder.