Precisely what I said -- coinage stated BY LAW to ahve a certain value.
Ok, fine. I'm listing the quote to add further detail to the topic: "Gresham's Law, like most of the 'laws' taught in State-supported public schools, is not quite true (at least, not in the form in which it is usually taught). 'Bad money drives out good' holds only in authoritarian societies, not in libertarian societies. (Gresham was clear-minded enough to state explicitly that he was only describing authoritarian societies; his formulation of his own 'Law' begins with the words 'If the king issueth two moneys . . .,' thereby implying that the State must exist if the 'Law' is to operate.)" -The Illuminatus! Trilogy Leviathan, pg. 766 Shea and Wilson -Alex