Yep. As far as I can remember, coins were once used differently in Super Mario Land 2: Six Golden Coins, in which you could go into a small house on the world map and play a slot minigame. Depending on its price you selected, the prizes would range from so-so (i.e. Mushroom), to very helpful (i.e. 50-Up).
Oh, and speaking of lives and continues, Mario VS Donkey Kong: Mini-Land Mayhem! on the DS ditched that system. In other words, if you lose in any level, you start over from scratch.