An automatic device for storing and dispensing banknotes of a preset number of denominations comprising an inlet (12) for the banknotes, recognition means (13) for recognizing the denomination of the incoming banknotes, a plurality of LIFO roller magazines (14-16) for storing the banknotes, an outlet for the banknotes (18) , conveying means (17) for conveying the banknotes between the inlet, the magazines and the outlet, control means (20) suitable for controlling the conveying means 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, characterized in that the magazines (14-16) are smaller in number than said preset number of banknote denominations, the control means (20) comprising means (21-23) for storing the sequence of denominations stored in each magazine and means for controlling the conveying means 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.