Yes, it works quite well and has gotten many a rider home.
The other way dollar bills or larger denominations can save you is by keeping at least $20.00 on or in the bike at all times. Leaving emergency cash on the bike can come in real handy of you leave home in a rush without taking keys or wallet.
I keep $20.00 folded up in my spare tube, so the few times I used a currency boot it was with a twenty.
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