"to reduce or annul the value of," 1918, a back-formation from devaluation. The earlier verb was devaluate (1898). Related: Devalued; devaluing.
late 14c., reverencen, "treat (someone) with respect, honor; venerate, pay pious homage to; esteem, value; bow to (someone); do honor to," from reverence (n.). Related: Reverenced; reverencing.