An automatic device for storing and dispensing banknotes of a preset number of denominations including an inlet for the banknotes, recognition device for recognizing the denomination of the incoming banknotes, a plurality of LIFO roller magazines for storing the banknotes, an outlet for the banknotes, conveyors for conveying the banknotes between the inlet, the magazines and the outlet. A controller suitable for controlling the conveyors for transferring the banknotes from the inlet to the magazines during the depositing step and transferring the banknotes from the magazines to the outlet during the dispensing step. The magazines are smaller in number than a preset number of banknote denominations. The controller includes storage devices for storing the sequence of denominations stored in each magazine and a processor for controlling the conveyors to transfer the banknotes from one magazine to the other in function of the stored sequences and a dispensing request entered in the device, to enable the banknotes to be dispensed from the magazines to the outlet according to the request.