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What does nonredeemable mean?

Looking for the meaning or definition of the word nonredeemable? Here's what it means.

Adjective
  1. Not redeemable.
  2. (finances) Not able to be redeemed by being converted into e.g. gold.
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Examples
They can unilaterally increase their assets to fund such insurance claims by issuing liabilities in the form of nonredeemable currency.
He can tell you what people drink and he can spot a nonredeemable a mile away.
As with Economy, we are pushing off nonredeemable IOUs onto the future.
To further confirm that all the convertible preferred stock is redeemable, another Compustat data item, nonredeemable preferred stock, is collected.

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