Decirculating old currencies can either happen intentionally or unintentionally.
Intentionally decirculating old currencies is called demurrage. Think Swiss bank notes. They tend to recall old notes every 30 years when they issue a new generation of notes. They are currently on generation nine and just recalled generation eight. Bitcoin Note is on generation one.
While it is somewhat common in centralized printed currencies like the franc or the pound it is an important feature of decentralized printed currencies to help dirciculate old notes as there is no central mechanism to cull old notes. One wants to put economic pressure to dicirculate old notes for a variety of reasons but perhaps one of the most important ones is because chips become less secure over time. (Analogously one wants to put economic pressure on miners to upgrade to the latest bitcoin network (such as when taproot came out).)
It's important to note, the Bitcoin stored on the note doesn't "disappear" after 2029 - but rather the multi-sig on the note reverts from 2-of-2 to 1-of-2 so the value can be claimed - in effect turning the note into something more like a claimable voucher or gift card. It contains value, you just generally wouldn't circulate it after then.
Intentionally decirculating old currencies is called demurrage. Think Swiss bank notes. They tend to recall old notes every 30 years when they issue a new generation of notes. They are currently on generation nine and just recalled generation eight. Bitcoin Note is on generation one.
While it is somewhat common in centralized printed currencies like the franc or the pound it is an important feature of decentralized printed currencies to help dirciculate old notes as there is no central mechanism to cull old notes. One wants to put economic pressure to dicirculate old notes for a variety of reasons but perhaps one of the most important ones is because chips become less secure over time. (Analogously one wants to put economic pressure on miners to upgrade to the latest bitcoin network (such as when taproot came out).)
It's important to note, the Bitcoin stored on the note doesn't "disappear" after 2029 - but rather the multi-sig on the note reverts from 2-of-2 to 1-of-2 so the value can be claimed - in effect turning the note into something more like a claimable voucher or gift card. It contains value, you just generally wouldn't circulate it after then.
For a casual overview see: https://beyondmoney.net/monographs/demurrage-is-it-a-good-id... - that article doesn't talk about economic levers on non-centrally issued currencies because those are frankly quite novel.
Unintentionally dircirculating old notes is called revolution.