Since Pellucidar is a world ruled and dominated by fierce raptors, I suggest using a resource in the environment rather than teeth/hides. I don't know the environment and setting of Pellucidar in depth, but using a rare plant or something would have better immersion, because teeth and pelts of other animals are a little too easy to come by (usually). Depending on what you want though, if you want to keep the currency easy to come by and not so rare, go with your idea.
My idea was kind of based off the movie Water World, where the world is covered with water and there is little floating cities, and sand/dirt is extremely expensive (kinda a form of money), because it's like a thousand feet below the surface and almost impossible to get.