1. Completely and obviously false or fake; not genuine or authentic in the slightest. (There has never been a three-dollar bill in circulation in the United States.) Primarily heard in US. The guy claims to teach you how to get rich in a hurry, but the whole thing sounds as queer as a three-dollar bill. The senator's hammed-up, teary-eyed speech was queer as a three-dollar bill, if you ask me.

2. Completely or blatantly not heterosexual or cisgender. Offensive when used pejoratively. Primarily heard in US. Honey, I'm as queer as a three-dollar bill and proud of it.