Definitions for "Irredeemable"
insusceptible of reform; "vicious irreclaimable boys"; "irredeemable sinners"
Not redeemable; that can not be redeemed; not payable in gold or silver, as a bond; -- used especially of such government notes, issued as currency, as are not convertible into coin at the pleasure of the holder.
Certain government bonds are irredeemable (e.g. war loans) which means that whilst they pay interest they have no maturity date, and so will be repaid only at the discretion of the government.
(of paper money) not convertible into coin at the pleasure of the holder