Gresham's law

noun Gresh·am's law \ˈgre-shəmz-\

Definition of GRESHAM'S LAW

:  an observation in economics: when two coins are equal in debt-paying value but unequal in intrinsic value, the one having the lesser intrinsic value tends to remain in circulation and the other to be hoarded or exported as bullion; broadly :  any process by which inferior products or practices drive out superior ones


Sir Thomas Gresham
First Known Use: 1858


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June 30, 2015
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