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Gresham's law
(272 words)

[German version]

Modern technical term for the inflation-driving phenomenon in which bad money displaces good money that is then exported, melted down or hoarded. Not until the 19th cent. was it named after Thomas Gresham (1519-1579), the founder of the London Stock Exchange and royal financial agent.

The main source of knowledge of the circulation of money and the disappearance of good coins in antiquity are the treasure finds. As an example (with a weakening of Gresham's law [GL] due to the higher valuation of minted silver), the better of the pre-Neronian denarii disappeared from ci…

Cite this page
Klose, Dietrich (Munich), “Gresham's law”, in: Brill’s New Pauly, Antiquity volumes edited by: Hubert Cancik and , Helmuth Schneider, English Edition by: Christine F. Salazar, Classical Tradition volumes edited by: Manfred Landfester, English Edition by: Francis G. Gentry. Consulted online on 29 November 2020 <http://dx.doi.org/10.1163/1574-9347_bnp_e427830>
First published online: 2006
First print edition: 9789004122598, 20110510



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