demonetize
verb[T]
(UKalsodemonetise)uk/ˌdiːˈmɒnətaɪz/usECONOMICS,FINANCE
toofficiallystopusingparticularnotesorcoins, or aparticularcurrency:
In 2002 thecurrenciesof twelveEuropeancountrieswere demonetized andreplacedwith theEuro.
demonetization
noun[U](UKalsodemonetisation)
This is areminderabout theimminentdemonetization of the RM1000currencynotes.