Tested solution:

function CurrencyFormat($cash) {
    // strip any commas 
    $cash = (0 + str_replace(',', '', $cash));

 
    // filter and format it 
    if($cash>1000000000000){ 
		return "$".round(($cash/1000000000000),1).'T';
    }elseif($cash>1000000000){ 
		return "$".round(($cash/1000000000),1).'B';
    }elseif($cash>1000000){ 
		return "$".round(($cash/1000000),1).'M';
    }elseif($cash>1000){ 
		return "$".round(($cash/1000),1).'K';
	}
 
   
}


echo CurrencyFormat('1,560,000');//outputs $1.6M

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