LTT LEVEL AT THE WRONG ASSIGNED ALT DUE TO FLC MAKING A WRONG ALTIMETER SETTING DURING DSCNT FROM HIGH ALT.

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60 NM SSW OF IOC AT FL260 ENRTE TO DEN; CTR THEN CLRS US TO 14000 FT WITH THE ALTIMETER SETTING I HEARD AS 30.38 INCHES AND SET IN AND CALLED OUT 'SET MY SIDE.' MY FO SAID HE WOULD LEAVE IN 29.92 INCHES UNTIL PASSING THROUGH FL180. AS WE DSNDED THROUGH 17500 FT; CTR ASKED US TO INCREASE OUR DSCNT RATE OF 1000-1200 FPM. I INCREASED TO 2500 FPM. DURING THIS PHASE OF FLT THE CONDITIONS ARE CLR; SMOOTH AND NIGHT IS SETTING. I AM THE PF. MY FO AND I ARE GOING OVER OUR CHKLIST. MY FO THEN ADVISED ME THAT HE IS GOING TO MAKE THE COMPANY CALL AND GET THE CURRENT ATIS FOR DEN. I AM THE PF AND HANDLING THE RADIO WITH CTR. CTR THEN HANDS US OFF TO APCH PRIOR TO REACHING 14000 FT APPROX 10 NM FROM IOC. APCH THEN INSTRUCTS US TO DSND TO 11000 FT AND AFTER IOC; HDG 310 DEGS; I SET IN THE 11000 FT INTO THE ALERTER AND ADVISE MY FO WHO IS WORKING THE COMPANY CALL. I AM LEVEL AT 11000 FT FOR APPROX 20-30 NM OUT WHEN THE APCH CTLR ASKED MY ALT. I READ BACK 11000 FT. THE CTLR SAYS HE SHOWS ME AT 10000 FT. I QUICKLY LOOK AT MY FO'S ALTIMETER AND IT SHOWS 11000 FT; WHICH I READ BACK TO THE CTLR. THE CTLR THEN ASKED MY ALTIMETER SETTING AND I READ BACK 30.38 INCHES. THE CTLR THEN CALLS OUT A SETTING OF 29.38 INCHES AND TO CLB AND MAINTAIN 11000 FT; WHICH I COMPLY. MY FO IS STILL TALKING TO COMPANY AND IS NOT AWARE OF THE PROB UNTIL I SAY SOMETHING. NOTHING ELSE WAS SAID BY THE CTLR. WE CONTINUED TO OUR DEST. ON THE GND; WE TRIED TO FIGURE OUT WHAT HAPPENED. UPON REVIEW OF THE ATIS; IT WAS COPIED DOWN AS 29.38 INCHES. IN THE COCKPIT; THERE IS NOT A GOOD LIGHTED PLACE TO LOCATE A WRITTEN COPY OF AN ATIS FOR BOTH CREW MEMBERS. THE ATIS IS PLACED ON THE PEDESTAL BTWN THE CREW. DURING THE DSCNT; THE FO LOOKED AT MY ALTIMETER SETTING AND SET IT IN HIS ALTIMETER. MY FO CLAIMS TO HAVE ACCEPTED AND READ BACK 30.38 INCHES AND THIS IS WHAT I FEEL I HEARD ALSO.