bills of different denominations

00:37 Aug 8, 2014 

"Denominaciones" is a false cognate in European Spanish. In Spain we say "billetes de diferentes/distintos valores" and "diferentes denominaciones" would be incorrect. But in Latin American Spanish (whether in all Latin American countries I don't know), "denominaciones" is used in the sense of (numerical) denominations, as Yaotl's answer indicates. So it depends whether you are translating into European or American Spanish.