It is the beginning of the 'demonetization' of the notes. The process is hastened by its panic-like character. It may be possible once, twice, perhaps even three or four times, to allay the fears of the public; but eventually the affair must run its course and then there is no longer any going back. Once the depreciation is proceeding so rapidly that sellers have to reckon with considerable losses even if they buy again as quickly as is possible, then the position of the currency is hopeless. . Ludwig Von Mises
About This Quote

‘Demonetization’ is a process in which a currency is made unusable by the government. The word demonetization means to make something worthless. This process is accelerated when the public realizes that the currency is no longer worth anything, and it will be difficult or even impossible to get more of it. Hence, the process has gone “panic-like.”

Source: The Theory Of Money And Credit

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