[ noun ] ending something (e.g. gold or silver) as no longer the legal tender of a country <noun.act>
demonetization \de*mon`e*ti*za"tion\, n. The act of demonetizing, or the condition of being demonetized; specificially, the declaration by a government that something (e.g. gold or silver) is no longer the legal tender of a country; as, the demonetization of gold. [1913 Webster + WordNet 1.5]
He warns that any return to debt demonetization would be "catastrophic" for the recovery, which he believes finally got under way in February.
A U.N. economist in Rangoon estimates 80% of Burma's savings were wiped out by that demonetization and one in 1985.