What is 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 called?

demonetize — 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 1913.)

Sources