DEMONETIZATION, a term employed in monetary sci ence 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 a great depreciation occurred in the value of silver, owing to increasing production, and, consequently, it was impossible to preserve any ratio of stability between it and gold. This led to the abandonment or demonetization of the metal as a standard and to its use merely as tok n 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 Nov. 22, I 89o.