Abstract: A method of currency examination is provided by transporting a bill through an examination station, projecting a beam of light at the bill as the bill is transported through the station, sensing and integrating light transmissivity of the bill over a principle portion of the area of a bill during transport of the bill past the beam of light, transporting the bill over a first course and depositing the bill in a first collection means when the bill exhibits a predetermined light transmissivity characteristic representative of a fit bill and alternatively transporting the bill over a second course and depositing the bill in a second collection means when the bill exhibits a predetermined light transmissivity characteristic representative of an unfit bill. Those bills transported over the second course are demonitized during transport. An apparatus for carrying out the method of the invention is described.