I don't believe that that's the case. I checked my most recent playthrough of the Quest for Glory series and found that my character started QFG2 with 343 gold pieces, but in my last saved game from QFG1, he had 74 gold pieces and 1,159 silver pieces. (I probably picked up some more money between that save and defeating Baba Yaga, but I couldn't have looted another 900 or so silver pieces.)
So yes, your gold and silver both carry over to QFG2, with every ten silver converted to one gold.
Edited by Paviel, 01 October 2010 - 12:04 AM.