Investopedia explains 'Denomination'
For example, currency notes dispensed by most ATMs in the U.S. are only available in certain denominations such as $20 bills or $100 bills. In a trade transaction, an exporter based in Europe may invoice the buyer in U.S. dollars, making the transaction a U.S. dollar-denominated one. While most commodities were quoted in terms of the greenback, as of 2011, commodities such as crude oil could be quoted in other currencies of denomination such as the euro.
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