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Gresham's Law
 

 

lf two coins are in circulation whose relative face values differ from their relative bullion content, the 'dearer' coin will be extracted from circulation for melting down. 'Bad money drives out good'. The law is named after Sir Thomas Gresham (1519-79), a leading Elizabethan businessman and financial adviser to Queen Elizabeth I.

Reference: The Penguin Business Dictionary, 3rd edt.