Abstract: A system for transferring value carrying data packets representative of cash between transferor and transferee terminals without the intervention of a centralized database provides for data packets convertible between an inspected state and an uninspected state. Data packets in an inspected state can be negotiated between terminals once, whereupon they become uninspected and hence, non-negotiable. Uninspected data packets are restored to inspected state by having a central bank compare a hash code generated by a transferor terminal against a corresponding hash code generated by the central bank.