From Longman Business Dictionarydemonetizede‧mon‧e‧tize /ˌdiːˈmʌnətaɪz -ˈmɑːn-/ (also demonetise British English) verb [transitive] FINANCE to no longer allow the use of a particular coin or BANKNOTE as moneyThe Philippines central bank demonetized the paper money printed during Ferdinand Marcos’s administration. —demonetization (also demonetisation British English) noun [uncountable]the demonetisation of silver a century ago
