Yes, I believe he has a Dr. Matrix story in which Dr. Matrix attempts to do this and gets arrested.

Edit: "Sing Sing" in The Magic Numbers of Dr. Matrix.

> In desperation he did a foolish thing. He tried to make some twenty-dollar bills. His method was bizarre and surprising. With a paper cutter he sliced each of fourteen bills into two parts, cutting them neatly along the broken vertical lines on each of the schematic bills shown on the left side of Figure 4. [...]

> Unfortunately—or rather, fortunately—the United States government places duplicate serial numbers at opposite comers of every bill, and most of the numerologist's new bills therefore bore pairs of serial numbers that did not match. True, Dr. Matrix's method of making new bills was not exactly counterfeiting—he merely "rearranged" the parts of genuine bills. Nevertheless, the Treasury Department took a dim view of his work and it was not long until he found himself firmly confined within the matrix of cells at Sing Sing.

(note that although Gardner is best known as a nonfiction writer, the Dr. Matrix stories are fictional)