Coin Devaluation Term

Mark A Mandel mam at THEWORLD.COM
Thu Apr 4 23:01:58 UTC 2002

On Thu, 4 Apr 2002, Grant Barrett said to himself as the rest of us
listened in:

#> I cannot for the life of me remember the phrase we discussed some time ago
#> that is used to describe the situation in which the face value of a coin is
#> worth less than the metal contained to make the coin, usually resulting in
#> the coins disappearing as they are sold for scrap.
#Answer to my own question: Gresham's Law.

AFAIR Gresham's Law is more general, at least in its simplified
phrasing, "Bad money drives out good".

-- Mark A. Mandel

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