Demonetisation (Noun)
Meaning
Ending something (e.g. gold or silver) as no longer the legal tender of a country.
Classification
Nouns denoting acts or actions.
Examples
- The government's decision to remove the one-cent coin from circulation was a result of demonetisation to simplify the currency system.
- The country's demonetisation of the gold standard led to a significant shift in monetary policy and financial markets.
- In an effort to crack down on corruption, the government announced the demonetisation of large denomination banknotes, rendering them worthless.
- The demonetisation of silver as a standard for currency marked a significant turning point in the country's economic history.
- Historians point to the demonetisation of the copper coins as a key factor in the decline of the ancient empire's economy.