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GG Dictionary
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De*mon"e*tize (?; see Monetary), v.
t. To deprive of current value; to withdraw from use,
as money.
They [gold mohurs] have been completely
demonetized by the [East India] Company. R.
Cobden.
- Webster's Unabridged Dictionary (1913)
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The correct spelling of this word ought to be: Demonetize
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