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Bad Money: Gresham's Law and Why Cheap Currency Always Drives Out the Good

By Rebecca Lowe
eBook
$5.99
By Rebecca Lowe

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In the 16th century, the financial advisor to Queen Elizabeth I, Sir Thomas Gresham, observed a peculiar human behavior that would forever bear his name. When the government began minting new coins that were debased—containing less pure silver than the older coins of the same face value—the old, pure coins completely vanished from circulation.

This is Gresham's Law: "Bad money drives out good." The logic is flawless. If a citizen holds two coins legally worth one dollar, but one is made of p...