A man tried to change a US$1 million bill at a Pittsburgh convenience grocery store this week. Problem is, the biggest bill in circulation is a $100. After the cashier pointed out that the bill was obviously fake and refused to return it to him, the man became very angry. He was nabbed by police but refuses to give his name. From the Pittsburgh Tribune-Review:
The largest bill ever printed is the $100,000 gold certificate, which was made in 1934 and 1935, and used only for transactions between Federal Reserve banks.
The $1 million bill seized Saturday might have originated from a Dallas-based ministry, which last year distributed thousands of religious pamphlets with a picture of the bogus bill, police said.
Ethan Persoff says, "The bogus million dollar bill you're describing is also notable for having Reagan's face on it. I found one on a bridge a year or so ago." Link
UPDATE: BB reader Robert points out, "It sounds like there are different types of bogus $1,000,000 bills floating around. If you do a Google image search for "million dollar bill," you see lots of variants on this theme. (Including the Statute of Liberty, Grover Cleveland, and Santa Clause)." The bill in question supposedly featured a portrait of Grover Cleveland, not Ronald Reagan, according to the original article you linked to. It was probably this one: Link