Redenomination

Part of speech: noun

Definitions

1. The modification of the value represented by currency involves changing its nominal amount to address economic factors affecting purchasing power
2. The act of altering the nominal amount displayed on money to adjust for inflation or economic shifts
3. A process where currency denominations are restructured to simplify transactions or restore monetary stability

Etymology: Redenomination is a plain formation: the prefix "re-", meaning "again" or "back", attached to "denomination", the naming of a unit of money or value. To redenominate a currency is to restate its units, typically by dropping zeros, so that a note once worth a million units might be re-labelled as worth one. The underlying value of the money and of everything priced in it stays the same; only the figures change. The "denomination" part comes from Latin "denominare", "to name", built from "de-" and "nomen", "name". Its earlier sense in English was simply a name or title, and the monetary use of the term, meaning the face value printed on a coin or note, grew out of that general sense of naming a unit.

Synonyms: revaluation, renaming, reclassification, conversion, restructuring