1. past tense and past participle of demonetise; to remove the legal status of a currency or coin, making it no longer valid for payment
Usage: chiefly British spelling (American: demonetized); often used in the context of government currency reforms

Examples

• The government demonetised the old currency to introduce a new one.
• After the demonetised coins were removed from circulation, citizens had to exchange them at banks.
• India demonetised high-value banknotes in 2016 to combat counterfeit money.
• Once the currency was demonetised, it could no longer be used in shops.
• The central bank demonetised the outdated notes to modernize the financial system.