In accordance with the great importance given to the subject of stiffness degradation, in particular with regard to metal forming, this work experimentally investigates the anisotropic elastic properties of plastically prestrained coldrolled sheet metal (stainless steel EN 1.4301, also AISI 304). From the experiments performed, two main conclusions regarding stiffness degradation can be extracted. First, since under specific stretching the intensity of the normalized Young's moduli degradation in both directions remains approximately similar, it may be concluded that the potential initial elastic anisotropy tends to be preserved during loading. Second, as the evidenced stiffness degradation has proved to be strongly correlated with the stretching direction of the sheet metal, it can be concluded that the stiffness evolution in the cold rolled sheet steel is path dependent. These interesting discoveries also provide some answers for modelling the kinetic damage evolution laws in damage mechanics.