Bad Money
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Gresham's law is commonly
stated: "Bad money drives out good", but more accurately stated: "Bad
money drives out good under legal tender laws".
This law applies specifically when there are two forms of commodity money in
circulation which are required by legal-tender laws to be accepted as having
similar face values for economic transactions.
Gresham's law is named after Sir Thomas Gresham (1519 – 1579), an English
financier during the Tudor dynasty. However, it had been stated forty years
before by Nicolaus Copernicus, so in parts of central and eastern Europe is
known as the Copernicus Law. The phenomenon had been noted even earlier, in
the fourteenth century, by Nicole Oresme. The fact of bad money being used
in preference to good money is also noted by Aristophenes in his play The
Frogs, which dates from around the end of the 5th century
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