backing

Perry E. Metzger pmetzger at lehman.com
Thu Oct 21 12:47:59 PDT 1993



Alexander Reynolds says:
> > 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.

Precisely what I said -- coinage stated BY LAW to ahve a certain value.

Perry






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