Nicholas Deangelo Berry, 37, and Michael Sharod O'Neal, 28, pleaded guilty to a count of passing counterfeit money.
The men were indicted Feb. 24 on a two-count charge and were set for trial Sept. 26 in U.S. District Court in Oxford.
In their plea agreements, prosecutors agreed to dismiss all other counts against them after they are sentenced.
A sentence date is not set.
The second count, scheduled for dismissal, lists six stores where they are alleged to have used counterfeit $20 bills to make purchases.
The stores are in Ripley, Tippah County, Baldwyn, Booneville and Saltillo.
Before they are sentenced, the U.S. Probation Service will prepare a report to guide Chief Judge Michael P. Mills with his sentence decision.
Each also faces up to a $250,000 fine.