Bad Money
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In the 16th century, the financial advisor to Queen Elizabeth I, Sir Thomas Gresham, observed a peculiar human behavior that would forever bear his name. When the government began minting new coins that were debased-containing less pure silver than the older coins of the same face value-the old, pure coins completely vanished from circulation. This is Gresham's Law: "e;Bad money drives out good....
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In the 16th century, the financial advisor to Queen Elizabeth I, Sir Thomas Gresham, observed a peculiar human behavior that would forever bear his name. When the government began minting new coins that were debased-containing less pure silver than the older coins of the same face value-the old, pure coins completely vanished from circulation. This is Gresham's Law: "e;Bad money drives out good....
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