Have you ever wondered if a million-dollar bill exists? Is it really worth a million dollars?
Can one little piece of paper really make you a millionaire? Here’s what you need to know before you get scammed with fake money:
Is There A Million Dollar Bill?
No, there is no million dollar bill that is considered legal tender. The Federal Reserve has never printed a banknote worth $1,00,000 million dollar value.
However, there is plenty of fake million-dollar bills out there.
You can’t use these novelty bills to pay for things. Their only use is as collector’s items or to prank your more gullible friends having them think it is real money.
Given the COVID situation they would be stoked to have this much money instantly.
Are You A Millionaire If You Have A 1 Million Dollar Bill?
Yes, we can say that you are a millionaire if you have a 1 million dollar bill, it is because you own a banknote of 1 million dollars.
But you don’t need to be a millionaire in this case, because this money would be the same as Monopoly money.
The banknote of 1 million dollars is not hard cash. So with this, we can say that you are not a millionaire if you have a 1 million dollar bill.
What about the “Certificate Of Authenticity”?
Now the question arises that you have a certificate of authenticity by which you can say that your million dollar bill is real.
And if you have the verified IAM certificate of wealth have the Intaglio steel plate printed on both sides.
Plus, if you claim that there are six latent images, four fluorescent hi-lite security papers, and three micro-print inscriptions, then you can proudly say that you are an owner of a genuine 1 million Dollar bill.
This 1 million dollar bill was printed by the American banknote company which is worth nothing.
The American Bank Note Company (ABNC) was one of the first companies to sell novelty million dollar bills.
They were and still are, sold by the International Association of Millionaires. The bill comes with a “Certificate of Authenticity” which states:
“This official document certifies that the accompanying MILLION DOLLAR BILL is the authentic, original and genuine MILLION DOLLAR BILL designed and printed by the American Bank Note Company in 1988 for the International Association of Millionaires (IAM).”
Sounds legit right? But it’s not. Below it also includes the following:
“This unique MILLION DOLLAR BILL is from the Limited Edition of Bills that were printed in serial number sequence and officially issued by the IAM as Collector Series 1988.”
The important part is the “Collector Series”. The bill is purely a collector item.
This note was issued by the International Association of Millionaires (IAM) as the collector series.
If you read the certificate of authenticity clearly, then you will see that it is clearly stated on both sides that” this note is non-negotiable. Its sole purpose is to promote special events and good times”.
With this, we can very easily imagine that the International Association of Millionaires (IAM) had some good times by selling these banknotes.
They did this without breaking the law.
Here’s what one of these novelties 1 million dollar bills looks like:
Who is on The One Million Dollar Bill?
Well, since there’s no real million dollar bill. There is no “official” person on the bill.
However, the Statue of Liberty is on the novelty million dollar bill. Mt. Rushmore is depicted on the backside of the bill. You can see what that looks like above.
How is The Bill Not Considered A Counterfeit?
The Federal Reserve has said that they are legal to own and produce.
You just can’t use them fraudulently. They’re not considered counterfeit because no real one million dollar bill has ever been produced.
How Much is A 1 Million Dollar Bill Worth?
I hate to be the bearer of bad news, but your one million dollar bill is worth nothing. Zilch. Zero.
You might be able to sell it to a collector for a few dollars.
Have People Tried To Use Their Million Dollar Bills?
Yes, and they’ve all been arrested.
In 2004, Alice Pike attempted to use her one million dollar bill which she obtained from her coin collector husband.
She used it to try to buy $1671.55 in goods from Walmart. She was arrested. Source
In 2007, Alexander Smith tried to open a bank account by depositing a $1,000,000 bill. The bank teller refused and called the police. Alexander was arrested on a forgery charge. Source
With a counterfeit million dollar bill, a man tried to purchase a used iPhone. He was caught by the police when he attacked the seller’s friend after the fraud was noticed.
It was Alexis Brown who tried to sell her iPhone online for $100.
She was contacted by a buyer. They arranged the meeting on Alder street at the South Irving venue so that they can complete the transaction.
The buyer was slim, blonde hair and in his late teens or early 20s.
He walked away just after handing the money to Brown. She didn’t examine the cash at that moment but afterwards, she discovered that the man had given her two ones, a 10 and the fake 1 million dollar bill.
She shared the story with her friend who tracked the fraud down.
In 2012, Michael Fuller attempted to buy $476 in items from Walmart with a one million dollar bill.
After being refused by the teller, he insisted that the bill was real and arrested once the police showed up. Source
We have other examples as well. It is reported that a man tried to open an account with a fake 1 million dollar bill in a bank in Nebraska. The Identity of that man is unknown.
He entered the bank at around 9:30 a.m. and asked to open a checking account with that fake bill.
Stop observed the man strange and told them that the money he had cannot be real. But the man persistently tried to convince the staff.
But he knew that the largest ever bill which was printed by the US mint was $100,000. So the man himself gives up after trying a lot and left the bank.
These are just three of the many stories I’ve found. The moral of the story is that you should always double-check if the bill you have in your hand is real.
If it’s too good to be true, it probably is.
But not all high-denomination bills are fakes.
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