irredeemable

1. (finance, of debts, currency, etc.) Not able to be cancelled by a payment or converted to another form of currency or financial instrument, especially one considered more secure or reliable.Examples: "The subscribers to a new loan, who mean generally to sell their subscription as soon as possible, prefer greatly a perpetual annuity, redeemable by parliament, to an irredeemable annuity, for a long term of years, of only equal amount."; "Investors have always had to trust somebody or something. . . . But they have not always had to make a leap of faith about a nation's irredeemable paper currency. Up until Aug. 15, 1971 the dollar was exchangeable into gold at the rate of $35 to the ounce."usually