A note stacker for a currency validator includes a stationary punch and movable rails having slots therein adapted for receiving the currency tendered thereto. The stationary punch comprises a top plate surface of the housing maintaining drive motors and gears of the stacker itself. The top plate is curved to accommodate the natural deflection of the bill as it is being stacked, and is provided with a durable frictional material along lateral edges thereof to prevent the bill from sliding or otherwise moving upon the surface of the curved plate. A leading edge of the curved plate is provided with serrations or teeth which, in conjunction with a shutter fixed to the movable rails, serves to defeat strings or other retrieval elements.