Collectible Stocks and Bonds from North American Railroads     by Terry Cox

A guidebook and catalog of prices
(I do NOT buy or sell certificates on this website)

Search this website for information about collecting stocks and bonds.


Search the Coxrail database for descriptions of 23,700+ certificates from over 7,400 North American railroad companies.

Million dollar bill by ABNCo

I offer this page for people interested in million dollar notes. Be warned that I NO NOT track prices of these items and I DO NOT answer inquires about them.


I receive frequent inquiries from people who wonder how they can redeem their $1,000,000 bills printed by the American Bank Note Company.

Front of American Bank Note Company miilion dollar bill

Back of American Bank Note Company miilion dollar bill

Before we go any further, let me offer some facts:

Million dollar notes are NOT redeemable.
Million dollar notes are NOT worth a million dollars.
Million dollar notes are NOT legitimate currency.


The bill shown above does have SOME collectible value.
Million dollar notes ARE fantasy notes.
Million dollar notes ARE strictly souvenirs.

The note illustrated at the top of the page was printed on intaglio presses and is incredibly well-engraved. This particular note first came to my attention in 1988. It was engraved by American Bank Note Company for the International Association of Millionaires (IAM). When initially released, IAM sold "million dollar" notes for around $25 each.

The International Association of Millionaires still exists. As of September, 1915, IAM offered single examples of its million dollar note for about $95, with discounts for quantity purchases.

1988 promo material for American Bank Note Company miilion dollar billIn 1988, the note shown above was accompanied by a four-color brochure that explained the note's security features. Additional promotional materials included a "Certificate of Authenticity."

Certificate of authenticity for American Bank Note Company miilion dollar bill

Approximately 4,000 people come to this page each year. The vast majority have one of the high-quality notes printed by ABNCo. They are the same size as modern U.S. currency. The engraving and printing is the same quality as U.S. currency and the paper is somewhat similar.

When initially printed, the bills had security features that had not yet been used on American currency. Since that time, the U.S. government has (thankfully) closed the gap.

The printing is such high quality that people get confused.

If you came to this page because of the million dollar note shown at the top of this page, examine your note closely. You will find text explaining that your "million dollar" bill is worthless. It says:

  • This certificate of wealth is not a representation or facsimile of any past or present U.S. financial obligation. (front)
  • Non-negotiable. (back)
  • This certificate is backed and secured only by confidence in the American dream. (back)

People often wonder whether their notes are salable. Yes, there is a small secondary market for the American Bank Company note illustrated here.

If you want to learn more about the American Bank Note Company notes, please contact some of the many fine dealers who sell these souvenirs. You may find them on the web by searching for "million dollar bill" (with quotes).

Fantasy note

While there is a small market for the IAM bills printed by the American Bank Note Company, there is NO MARKET WHATSOEVER for souvenir "million dollar bills" printed on ordinary paper with ordinary offset presses. While all imitate U.S. currency to some degree, they are purely fantasies. Most are so amateurish that none should fool anyone.

These kinds of "million dollar notes" are nothing more than souvenirs. Most are used as promotional giveaways. They can be purchased in volume for as little as 8 cents each. You may see examples of these ordinary million dollar bills here. (The example shown here is extraordinary in that it was printed on a four-color press with excellent color registration. Still it sold for only a few cents.)


I strongly recommend buying the Cox Catalog from your favorite SCRIPOPHILY DEALERS. Catalog cover
If they do not yet carry, or are out of stock, you may buy directly from the author.

Send an email message with corrections or comments about this page.

I'm sorry, but I will NOT answer questions concerning redemption of these notes. You CANNOT redeem these notes for a million dollars.

I will not answer questions about collectible values because I have no information. Please check eBay or contact some of the many fine dealers in paper money.

(Last updated Sep 25, 2015)


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