The Collaborative International Dictionary
demonetize \de*mon"e*tize\ (?; see Monetary), v. t. To deprive of current value; to withdraw from use, as money.
They [gold mohurs] have been completely demonetized by
the [East India] Company.
--R. Cobden.
Douglas Harper's Etymology Dictionary
Wiktionary
alt. 1 To withdraw the status of legal tender from a coin (etc.) and remove it from circulation. 2 To declare ineligible or worthless as a medium of exchange or as legal tender. vb. 1 To withdraw the status of legal tender from a coin (etc.) and remove it from circulation. 2 To declare ineligible or worthless as a medium of exchange or as legal tender.
WordNet
v. deprive of value for payment; "demonetize a coin" [syn: demonetise]
Usage examples of "demonetize".
Whatever the cause, the result was that, shortly after silver had been demonetized, its value in proportion to gold fell below that expressed by the ratio of sixteen to one.
In 1867 the International Monetary Conference of Paris had pronounced itself in favor of a single gold standard of currency, and the principal countries of Europe had preceded the United States in demonetizing silver or in limiting its coinage.