Abstract: Notes are subject to note reform whereby they are replaced with new ones having quite different designs or patterns once in a certain period of time (10 to 15 years). After the reform, the former notes are successively withdrawn and are not issued any more so that only the newly issued notes are circulated. The depositing/dispensing apparatus of this invention is provided with a circulation prohibiting switch. When this switch is operated, all the former notes are stored in the third storage section. Thus, the third storage section serves only as a depositing safe. The newly issued first- and second-denomination notes are set in the first and second storage sections, which are used for dispensation only.