Abstract: A paper money discriminator for identifying the type of a bank note by detecting colors thereof from reflected or transmitted light obtained by irradiating the bank note. The paper money discriminator is provided with optical fiber bundles disposed so as to respectively face a light source and color detecting sensors, and color filters disposed in positions adjacent to the color detecting sensors. The top ends of the optical fiber bundles face an inspection point on the bank note. The paper money discriminator is provided with identifying systems each of which is composed of a detecting unit, a calculating unit and a money type identifying unit and is adapted for detecting reflected or transmitted light in the form of two separated color components issuing from a type of bank note, obtaining the ratio of these components, and comparing a signal representing a calculated pattern with the reference pattern signals, thereby identifying the money type.