Sir Thomas's new coining ANSWERS TO CORRESPONDENTS

From: Daily Mail | Date: February 7, 2005 | Copyright information

QUESTION What is Gresham's Law?

GRESHAM'S Law isn't really a law, more a fiscal maxim or strongly held opinion. It states that: 'Where there is legal tender (money) in circulation, the existence of debased or counterfeit money will stop people spending the real money. They will hoard it as a store of wealth for the future.'

Proper, legal transactions will cease and will be undertaken using 'bad' money instead.

In fact, this doesn't matter quite as much any more because ...

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