Step 1: Cold hard cash
Flip the bill over, and fold the "white" edges on the top and bottom inward. Crease those folds, and return the bill to its original side.

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but it is 90°, not 45° ;D
I've been making dollar rings for a while, but i couldn't figure out how to make the 1 in the center of the ring... Then again I never put much thought into it. But thanks! :D
You took my Idea
i posted them here http://www.flickr.com/photos/73123645@N00/