1. A currency identification method comprising: positioning at least three laterally displaced scanheads so as to permit scanning a bill which is transported in given direction along at least three laterally displaced segments on a first side of said bill; detecting characteristic information from said first side of said bill along said segments; generating corresponding output signals representing variations in the detected characteristic information from which scanned patterns of characteristic information may be generated; generating at least one scanned pattern from said output signals, said at least one scanned pattern representing analog variations in said characteristic information along a segment of said bill; storing at least one master pattern associated with each genuine bill which the method is capable of identifying, said at least one master pattern representing analog variations in characteristic information along a segment of an associated genuine bill; performing a pattern comparison wherein at least one of said scanned patterns or portions thereof is compared with at least one of said master patterns or portions thereof; and generating an indication of the identity of said bill based on said pattern comparison when said bill is one that the method is capable of identifying.