Gresham's Law: Definition, Effects, and Examples - Investopedia
Gresham's law is a principle that states that "bad money drives out good" and can be applied to the currency markets. The law stemmed from the historical use of precious metals to manufacture coins and their subsequent value. Since the abandonment of … See more
Historically, mints manufactured coins from gold, silver, and other precious metals, which gave the coins their value. Issuers of coins sometimes lowered the level of the precious metalsused and passed the coins as full-value coins. New coins with less metal … See more
In 1982, the U.S. government changed the composition of the pennyto contain 97.5% zinc. This change made pre-1982 pennies worth more than their … See more
Sir Thomas Gresham lived from 1519 to 1579 and wrote about the value and minting of coins while working as a financier and later founded the Royal Exchange of the City of London. When Henry VIII changed the composition of the English shilling, … See more
Gresham's law is evident in a modern economy with legal tender laws. When all currency units are legally mandated to be recognized at the same face value, the traditional version of Gresham's law operates. In the absence of effectively enforced legal tender … See more
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