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Sir Thomas Gresham
Sir Thomas Gresham , 1519?-1579, English merchant and financier. As the royal financial agent in Antwerp after 1551 he proved himself very able, though his methods were frequently more effective than ethical. After the accession of Elizabeth I to the throne he spent most of his time in London but went on diplomatic and financial missions. He also accumulated a great private fortune as a banker, mercer, and merchant. He was the principal figure in the founding of the Royal Exchange, and he endowed Gresham College in London. His name was given to Gresham's law, the economic principle that in the circulation of money "bad money drives out good," i.e., when depreciated, mutilated, or debased coinage (or currency) is in concurrent circulation with money of high value in terms of precious metals, the good money is withdrawn from circulation by hoarders. It was thought that Gresham was the first to state the principle, but it has been shown that it was stated long before his time and that he did not even formulate it.
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"Sir Thomas Gresham." The Columbia Encyclopedia, 6th ed.. 2008. Encyclopedia.com. 10 Feb. 2012 <http://www.encyclopedia.com>. "Sir Thomas Gresham." The Columbia Encyclopedia, 6th ed.. 2008. Encyclopedia.com. (February 10, 2012). http://www.encyclopedia.com/doc/1E1-GreshamT.html "Sir Thomas Gresham." The Columbia Encyclopedia, 6th ed.. 2008. Retrieved February 10, 2012 from Encyclopedia.com: http://www.encyclopedia.com/doc/1E1-GreshamT.html |
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Gresham, Sir Thomas
Gresham, Sir Thomas (c.1519–79) English financier. He founded the Royal Exchange in 1566 and served as the chief financial adviser to the Elizabethan government. He founded Gresham College in 1579 as a venue for public lectures and the Royal Society grew from these meetings at Gresham's house. His fame rests on Gresham's Law, wrongly attributed to him in the 19th century, which states that ‘bad money drives out good’. According to this law, if there are two coins in circulation with different ratios of face value to intrinsic value (in terms of the precious metal content of the coins), the coin with the higher intrinsic value will tend to be taken out of circulation for hoarding or melting down.
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"Gresham, Sir Thomas." A Dictionary of World History. 2000. Encyclopedia.com. 10 Feb. 2012 <http://www.encyclopedia.com>. "Gresham, Sir Thomas." A Dictionary of World History. 2000. Encyclopedia.com. (February 10, 2012). http://www.encyclopedia.com/doc/1O48-GreshamSirThomas.html "Gresham, Sir Thomas." A Dictionary of World History. 2000. Retrieved February 10, 2012 from Encyclopedia.com: http://www.encyclopedia.com/doc/1O48-GreshamSirThomas.html |
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Gresham Professorship
Gresham Professorship. In the will of Sir Thomas Gresham (c.1519–79), founder of London Royal Exchange, provision was made for 7 professorships in various subjects and for a lecture on mus. John Bull was first mus. prof. (1596–1607). Later incumbents have incl. Sir Frederick Bridge, Sir Walford Davies, and Peter Latham.
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MICHAEL KENNEDY and JOYCE BOURNE. "Gresham Professorship." The Concise Oxford Dictionary of Music. 1996. Encyclopedia.com. 10 Feb. 2012 <http://www.encyclopedia.com>. MICHAEL KENNEDY and JOYCE BOURNE. "Gresham Professorship." The Concise Oxford Dictionary of Music. 1996. Encyclopedia.com. (February 10, 2012). http://www.encyclopedia.com/doc/1O76-GreshamProfessorship.html MICHAEL KENNEDY and JOYCE BOURNE. "Gresham Professorship." The Concise Oxford Dictionary of Music. 1996. Retrieved February 10, 2012 from Encyclopedia.com: http://www.encyclopedia.com/doc/1O76-GreshamProfessorship.html |
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