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demonetize (v.)

"divest of standard monetary value," 1852, from French démonitiser, from de- (see de-) + monetiser (see monetize). Also demonetise. Related: Demonetized; demonetizing.

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Definitions of demonetize from WordNet

demonetize (v.)
deprive of value for payment;
demonetize a coin
Synonyms: demonetise
From wordnet.princeton.edu