Definition of "demonetization"

The current spiral in prices — 20 per cent in the last year — has been attributed to the wide circulation of “black money.” The official committee recommended demonetization on the assumption that “black money” is generally kept in stacks of 100‐rupee and 1,000‐rupee notes.

1973 August 9, “Demonetization Feared”, in The New York Times‎