If you ever need to validate currency in your Ruby on Rails app, simply add the following line of code to the model of your choice.
app/models/yourmodel.rb:
validates :price, :presence => true,
:numericality => true,
:format => { :with => /^\d{1,4}(\.\d{0,2})?$/ }
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The regular expression matches this value
It should be changed to /\d{1,4}(.\d{1,2})?$/
For little suggestion, now rails will warn you if you using ^ and $. It will better using:format => { :with => /\A\d{1,4}(.\d{0,2})?\z/ } instead.