I think it's a wonderful opportunity to teach place value using money. You don't say which grade you are teaching but I'm assuming grades 4 or 5 if you are planning on doing some decimals. With grades 1 and 2, I used the pennies to represent the ones units, the dimes to represent the tens units and the dollar (loonie in Canada to represent the hundreds units).
But if they are older then you would probably want to use the pennies as the hundredths, the dimes as the tenths, the dollars at the ones units, the ten dollar bill as the tens and the 100 dollar bills as the 100 units. Monopoly money or other kind of play money can be used ( if you have play coins that's great but most probably not, so you can use paper representations of the coins). Each student gets a little bag of their 'money'.
When I have used base ten blocks I usually use a base 10 mat which I have made myself and each student has one. They are made from construction paper or 11x18 paper, usually blue, and I have laminated them. When I work with money, I make new mats with the base ten symbols but also the new symbols. This way the students can make a connection between the base ten and the money and the transfer is easier.
Hope this helps!