1. the act or process of removing the status of legal tender from a currency or coin
Usage: commonly used in economics and finance contexts
2. the removal of monetary value or official backing from something previously used as money
Usage: broader economic sense

Examples

• The demonetization of the old currency forced citizens to exchange their bills at banks.
• India's demonetization of high-value notes in 2016 was a major economic policy shift.
• The government announced the demonetization of coins that were no longer in circulation.
• Demonetization can cause significant disruption to the economy if not carefully planned.
• After the demonetization, the old currency became worthless and could no longer be used for purchases.
• The central bank oversaw the demonetization process to ensure a smooth transition to new money.