Demonetization (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
- After the demonetization of silver in 1965, the US Treasury stopped minting coins made from the precious metal.
- The demonetization of gold in the United States in 1933 marked a significant shift away from the gold standard.
- The government's sudden demonetization of 500- and 1000-rupee banknotes left millions of Indians scrambling to exchange their cash.
- In 1990, Finland implemented the demonetization of 1- and 2-penny coins, no longer accepting them as payment for debts.
- The demonetization of the Zimbabwean dollar in 2009 came as a response to the country's crippling hyperinflation crisis.