I don't think "split" is really the correct term here -- that applies to where a fold separation has split a note. De-lamination is closer to the mark, but I don't believe currency paper is made from two sheets, just one single piece of paper.
This has to have been done manually. It seems very possible that these are two separate notes that have been carefully sanded down to remove one side, then attached to each other. And *then* that became de-laminated over time. But I can't imagine why you'd want to do this, apart from amusement. It certainly looks like it spent a lot of time in a wallet, so maybe it was part of a gag.