One of the mysteries of the English language finally explained.
verb[WITH OBJECT]usually be demonetized
Deprive (a coin or precious metal) of its status as money.
- ‘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.’
- ‘If gold was really to be demonetized, then the enormous stocks relative to flows would have to be dissipated first through consumption.’
- ‘There's talk of demonetizing the penny altogether.’
- ‘They have, at least temporarily, demonetized Federal Reserve Notes,, by substituting chips.’
- ‘It is not up to the governments to monetize or demonetize a commodity.’
- ‘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.’
- ‘But by 4 February 1797, when the mandates were officially demonetized, the revolutionary experiment with paper money was at an end.’
Mid 19th century: from French démonétiser, from dé- (expressing reversal) + Latin moneta ‘money’.
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