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If you did this & didn't MARK the bill as counterfeit in some way then it would probably be illegal.
If you chose to go this route, I think you'd need to write "Replica: Not Legal Tender" or something across the face of the bill. Even then, it might not be legal. It's been a long time since I learned about these issues (20+ years) and the laws have almost certainly changed since then.
(I had some classes way back then where we had FBI agents who came to class with an assortment of counterfeit money to teach us what to look for and talk about legal issues surrounding counterfeiting, etc. Obviously, a lot has changed in 20 years...)