Demonetize (Verb)
Meaning
Deprive of value for payment; "demonetize a coin".
Classification
Verbs of size, temperature change, intensifying, etc..
Examples
- The government decided to demonetize the old currency notes in order to curb corruption and black money.
- During the financial crisis, several countries considered demonetizing their lower denomination coins due to rising production costs.
- India's surprise move to demonetize high-value currency notes in 2016 was a shock to many citizens.
- Sweden is gradually moving towards a cashless society and has taken steps to demonetize its 1-krona coin.
- In 1965, the United States officially demonetized its silver certificate note, effectively ending the silver redemption program.