Gresham's law

noun Gresh·am's law \ˈgre-shəmz-\

Definition of Gresham's law

  1. :  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

Origin and Etymology of gresham's law

Sir Thomas Gresham

First Known Use: 1858

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