A drop safe comprising a vault, a computing means within the vault, at least one bill validator, a code reader, and a currency compartment. The computing means is connected to the bill validator and a code reader. The currency compartment receives and stores paper currency from the bill validator. The computing means, initially in idle mode, switches to deposit mode when the code reader detects a deposit initiation code. While in the deposit mode, the computing means monitors the bill validator and the code reader for detection of a deposit of paper currency, deposit termination code, and a time-out condition. The deposit mode terminates when a deposit termination code or a time-out condition is detected, in which case the computing means switches back to idle mode. Methods of depositing cash into the drop safe, and removing cash the drop safe are also disclosed.