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Simple English definitions for legal terms
remonetization
Read a random definition: scrivener's error
A quick definition of remonetization:
Term: REMONETIZATION
Definition: Remonetization is when a valuable metal like gold or silver is brought back into use as money that people can legally use to buy things. It means that the metal is once again recognized as a form of payment.
Example: The government decided to remonetize gold coins, allowing people to use them to buy goods and services.
A more thorough explanation:
Definition: Remonetization is the process of restoring a precious metal, such as gold or silver, to its former use as legal tender.
Example: In 1933, the United States government stopped using gold as legal tender due to the Great Depression. However, in 1971, President Nixon announced the remonetization of gold, allowing it to be used as legal tender again.
Explanation: The example illustrates how remonetization involves restoring a precious metal to its former use as legal tender. In this case, gold was no longer used as legal tender due to economic circumstances, but was later remonetized and allowed to be used as legal tender again.