Title says it all. Is their any penalty for dying in the original Diablo (monetary, experience or otherwise)?
If I remember correctly, the only penalty was that your items stay in the place where you died.
Comparing to Diablo II if you quit the game and start it again, you body will NOT appear in town.
Found this thread where they discuss the same thing as you asked: http://diablo.incgamers.com/forums/showthread.php?682535-Death-and-Dying