A banknote handling apparatus stores a code list in which codes of banknotes stored in a storage unit are arranged in order in which the banknotes are stored. The banknote handling apparatus reads the codes when the banknotes are sequentially fed from the storage unit, and checks a target group of the codes of N successive banknotes including the last fed banknote (N is a natural number not less than 2) against the code list. When the target group and a reference group of the codes of N successive banknotes in the code list match each other, the banknotes remaining in the storage unit after the feeding of the banknotes are identified by regarding one of the codes of the reference group in the code list as a boundary.