You can do it once, that's it. You should have it signed and you should hand it out as a souvenir every time.
You make your own gimmicks, it's not hard but it will cost about $8 each time you perform it if you choose to do it with a $1 bill.
This is a closer, it's a reputation maker. In my opinion, you'd only ever want to do this once per gig. If you want to be rebooked, if you are performing on TV, or if you are performing for a celebrity this is the trick you do. Don't just do this trick for anybody anywhere save it for a special occasion.
You are actually tearing a bill in this effect, and you are giving them a wonderful impossible object that will leave a huge impression. While the bill is a beautiful souvenir, it is essentially worthless as far as money goes. So, you don't want to go around destroying everyone's money all the time anyways.