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Encyclopedia Britannica



DEMONETIZATION

This article appears in Volume V08, Page 5 of the Encyclopedia Britannica.

Encyclopedia Britannica - Main :: DEM-DIO
DEMONETIZATION , a
term
  employed in monetary science in two different senses. (a) The depriving or divesting of a metal of its
standard
  monetary value. From 1663 to 1717 silver was the
standard
  of value in
England
  and gold coins passed at their market value. The debasement and underrating of the silver coinage insensibly brought about the demonetization of silver in
England
  as a standard of value and the substitution of gold. During the latter half of the 19th
century
 , the tremendous depreciation of silver, owing to its continually increasing
production
 , and consequently the impossibility of preserving any ratio of stability between it and gold, led to the abandonment or demonetization of the metal as a standard and to its use merely as token money. (b) The withdrawal of
coin
  from circulation, as, for example, in England that of all pre-Victorian gold coins under the provisions of the Coinage Act 1889, and the royal
proclamation
  of the 22nd of
November
  189o.


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