Gresh|am's law

Gresh|am's law
Gresh|am's law «GREHSH uhmz»,
the theory that bad money will drive out good. Thus, if two coins or notes are equal as legal tender, but differ in intrinsic value, the more valuable one is either hoarded or exported.
[< Sir Thomas Gresham, 1519?-1579, an English economist, who propounded the theory in 1558]

Useful english dictionary. 2012.

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