What is the meaning of Gresham's Law?

noun

  • Economics) the principle that when two kinds of money having the same denominational value are in circulation the intrinsically more valuable money will be hoarded and the money of lower intrinsic value will circulate more freely until the intrinsically more valuable money is driven out of circulation; bad money drives out good; credited to Sir Thomas Gresham. (.
WordNet 3.0 © 2006 by Princeton University
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