Gresham's law

noun
Gresh·​am's law | \ ˈgre-shəmz- How to pronounce Gresham's law (audio) \

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

First Known Use of Gresham's law

1858, in the meaning defined above

History and Etymology for Gresham's law

Sir Thomas Gresham

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The first known use of Gresham's law was in 1858

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Cite this Entry

“Gresham's law.” The Merriam-Webster.com Dictionary, Merriam-Webster Inc., https://www.merriam-webster.com/dictionary/Gresham's%20law. Accessed 5 December 2019.

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