Re: backing

This is not what Gresham's Law says.

Gresham's Law is that if there are two kinds of coins that are stated by law to have equal value, the one thats actually worth less because of metal content will be the one that you spend first. It doesn't apply in this instance at all.

Perry

I think Gresham's Law applies to authority-influenced currency. I'm trying to get a hold on this quote so hold on. -Alex