No. $1.00=100 cents
$11.50 is $11 + 50/100 of a dollar. $11.5 is $11 + 5/10 of a dollar. Without knowing the digit in the hundredths place, $11.5 could be $11.50 to $11.59.
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Yes it is but since in most currencies, 100 minor unit make up 1 major unit, it is customary to show the value to two decimal places.