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Short for a [United States] one hundred-dollar bill. This "slang" term (as it is not widely accepted enough to be considered a colloquial expression) is more prevalent among wealthy citizens, socialites and more recently those within the hip-hop cultural movement. Its use in a social context is meant to openly diminish the value of a one hundred-dollar bill to its possessor, so as to say the possessor's financial worth is so great that [the highest] paper currency [denomination] to them is equivalent to the actual lowest; i.e. a $100 bill to most is a $1 bill to the possessor, and as a result is considered a "one".
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