Publication

Abstract : Precise coin recognition is part of many financial and retail applications, such as vending machines, dispensing machines or any cash-handling systems, as well as numismatic analysis. Most automated systems are problematic in classifying counterfeit coins by traditional means (mechanical or electrical). YOLOv8 is such kind of an algorithm that brags about its efficiency and high accuracy, therefore being innovative. In this regard, this research specifically dwells on the implementation of the YOLOv8 algorithm for coin detection and categorization. The model distinguishes itself from one other with different denominations in coin classification based on distinguishing features such as texture, colour, shape, and others. Due to the involvement of YOLOv8, the proposed model performance is found to be enhanced as it yields precise and accurate results in coin identification. Therefore, this model has the potential to revolutionize across different industries, financial and retail sectors which accept coins as the currency denominations. © 2024 IEEE.