Embodiment of the present disclosure discloses method and device for determining one or more characteristics of currency note. The currency evaluating device is configured to receive image of currency note and detect text from one or more predefined first regions of image. Further, language associated with detected text is identifies and one of single nationality and plurality of nationalities associated with language of currency note is obtained from data source associated with currency evaluating device. When single nationality is obtained, nationality of currency note is identified to be said single nationality. When plurality of nationalities is obtained, nationality of currency note is identified from plurality of nationalities using Optical Character Recognition (OCR). Upon identifying nationality, one or more characteristics of currency note is identified by extracting object features on image based on identified nationality.