demonetize
/diːˈmʌnɪtʌɪz
/(also demonetise)
verb [with object]
Deprive (a coin or precious metal) of its status as money: coins minted with the name and portrait of Emperor Caligula were demonetized after his death...
- There's talk of demonetizing the penny altogether.
- They have, at least temporarily, demonetized Federal Reserve Notes,, by substituting chips.
- It is not up to the governments to monetize or demonetize a commodity.
Derivatives
demonetization
/ noun ...- In the initial stages it involved an attempt to reduce the value of gold and silver relative to banknotes, ultimately followed by a policy announcing the complete demonetization of gold and a phased series of reductions in silver.
- The demonetization of cowries or manillas (copper rods) provoked strong protest from people whose savings were in these forms, to such a degree, indeed, that the British were eventually forced to offer conversion facilities.
- The source of the problem was the initial demonetization of gold and silver which took place between 1913 and 1945.
Origin
Mid 19th century: from French démonétiser, from dé- (expressing reversal) + Latin moneta 'money'.