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    Financial Dictionary

    Dictionary Home The Language of Money - Edna Carew
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    Gresham's law

    The principle that 'bad money drives out good'. Gresham's law held that if two coins are in circulation and their face value differs from their bullion value, the coin of the higher bullion value will be stored or melted down so that eventually it will be out of circulation. Sir Thomas Gresham was a sixteenth-century English philanthropist and financier whose money founded Gresham College and built the first Royal Exchange in London.

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