This is exactly how the physical representation of money works as well.
The central bank controls how many bills are in circulation, and the central bank regularly expires old bills and coins.
The central bank controls how many bills are in circulation, and the central bank regularly expires old bills and coins.
The Bank of England honors all of its old banknotes: "There is no deadline to exchange old banknotes with the Bank of England." https://www.bankofengland.co.uk/banknotes/exchanging-old-ban...
The United States has never demonetized any of its coins or banknotes. All of them are honored and are in fact still legal tender to this day -- even the $100,000 bill! https://en.wikipedia.org/wiki/Obsolete_denominations_of_Unit...
Although Canada has revoked legal tender status for some of its older bills, "The Bank of Canada continues to honor them at face value" https://www.bankofcanada.ca/banknotes/about-legal-tender/
So, it's not that uncommon.
https://www.al-bank.dk/presse-og-nyheder/nyheder/2023/1000-k...