Starting in 2007, I started getting inquiries from people wondering how they could redeem their $1,000,000 bills. (As if someone would just pass out million dollar bills!)

I wondered what was going on.

As best I can tell, the only relationship between this item and railroad stocks and bonds is the fact that the note shown above was printed by the American Bank Note Company.

Here's the deal. I beg you to understand that:

These items are FANTASY NOTES. They are strictly souvenirs. A few of the earliest examples have some value as collectibles.

This particular example first came to my attention in about 1990. It was engraved by American Bank Note Company for the International Association of Millionaires. That company sold the note for around $20 to $25 each (less when purchased in quantities.)

The note was accompanied by a four-color brochure explaining the note's security features. Original promotional materials also included a "Certificate of Authenticity."

Since that time, several varieties of competing "million dollar bills" have appeared. Most are of substantially lower quality and cost. A web search shows some are being sold for as little as 10 cents in qualtity.

The "million dollar notes" that people ask about are the same size as typical U.S. currency. Since some notes strongly resemble real currency, people get confused.

Look carefully at your million dollar note and you will find text explaining that your "million dollar bill" is worthless.

The front of th illustrated note says, "This certificate of wealth is not a representation or facsimile of any past or present U.S. financial obligation."

However, the back is even more precise. It says, "Non-negotiable." It continues, "This certificate is backed and secured only by confidence in the American dream."

That is the story. If you want to learn more, please contact many of the fine dealers who sell these souvenirs. You may find them on the web by searching for "million dollar bill" (with quotes).