redeemable

Adjective
  1. susceptible to improvement or reform
    • a redeemable sinner
  2. able to be converted into ready money or the equivalent
    • a cashable check
    • cashable gambling chips
    • redeemable stocks and bonds
    • a redeemable coupon
  3. recoverable upon payment or fulfilling a condition
    • redeemable goods in a pawnshop

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redeemable
The coupon is redeemable for one free ice cream cone.