Monday, October 30, 2006

Gresham's Law - Wikipedia, the free encyclopedia:

Gresham's law is commonly stated as: "When there is a legal tender currency, bad money drives good money out of circulation".

Gresham's law applies specifically when there are two forms of commodity money in circulation which are forced, by the application of legal tender laws, to be respected as having the same face value in the marketplace. It is named after Sir Thomas Gresham, an English financier in Tudor times.

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