One of the mysteries of the English language finally explained.
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’
- ‘But by 4 February 1797, when the mandates were officially demonetized, the revolutionary experiment with paper money was at an end.’
- ‘If gold was really to be demonetized, then the enormous stocks relative to flows would have to be dissipated first through consumption.’
- ‘By 1908, however, silver had effectively been demonetized in Europe, and, although a number of countries could not offer full convertibility, in practice exchange rates were fixed in gold terms.’
- ‘There's talk of demonetizing the penny altogether.’
- ‘They have, at least temporarily, demonetized Federal Reserve Notes,, by substituting chips.’
- ‘In the United States, the Coinage Act of 1873 officially demonetized silver, legally confirming a gold-based currency that - because of silver's relatively high price - was already the de facto standard.’
- ‘It is not up to the governments to monetize or demonetize a commodity.’
Mid 19th century: from French démonétiser, from dé- (expressing reversal) + Latin moneta ‘money’.
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