There is a news report today about a man getting arrested because he tried to use a $1,000,000 bill to pay for some merchandise at a Wal-Mart.

Well, one million dollar bills are not real. They never were. You've probably seen novelty bills made to look like million dollar bills but they are of different size and design from legitimate U.S. currency -- and to make a novelty bill it can't be the same size or design of U.S. currency.

The news report said that the largest bill in circulation today is the $100 bill. And that's not true. There are in fact $500 and $1,000 bills in circulation and very much legal to own. However, you'd be nuts to spend one because collectors will pay you more than the face value of a $500 or $1,000 bill because they are rare and very collectible.

Every time I go into a casino -- where they have lots of $100 bills -- I always stop by the casino cage (the cashier or bank) and ask if they have any $500 or $1,000 bills-- and sometimes someone not knowing any better brings one to a casino to have a big party.

Of course these days the answer is "no" to my question but a couple of years ago at Caesars Palace a cashier told me that they did get a $500 bill but it was snapped up by one of the savvy employees working there.