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Gresham's law |
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Gresham's law: see under Gresham, Sir Thomas Gresham's law, the economic principle that in the circulation of money "bad money drives out good," i.e., when depreciated, mutilated, or debased coinage (or currency) is in concurrent circulation with money of high value in terms of precious metals, the good money is withdrawn ..... Click the link for more information. . Gresham's lawObservation that “bad money drives out good.” It is named for Sir Thomas Gresham (1519–1579), financial agent of Queen Elizabeth I, who was one of the first to elucidate it (he had been preceded by Copernicus). The meaning expressed is that, if two coins have the same face value but are made from metals of unequal value, the cheaper will tend to drive the other out of circulation; the more valuable coin will be hoarded or used for foreign exchange instead of for domestic transactions. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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