Excerpt from To the Readers of Coin's Financial School: An Answer

When two metals may be used concurrently as a medium of exchange, both endowed with the legal tender quality and open to free and unrestricted coin age, there is a force affecting them as invariable in its operation and effect as the law of gravitation. It is known as Gresham's law, and declares that bad money or cheap money will always drive dearer or better money out of circulation.

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