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TeachMeFinance.com - explain Gresham's law historic definition... Gresham's law -- This is not an enactment but a law of political economy as expounded by Sir Thomas Gresham, a former master of the British mint. It is that where there are two forms of money the inferior or depreciated tends to drive the other from circulation owing to the hoarding and exportation of the better form. As commonly stated, bad money drives out good. Gresham's words were : "When two sorts of coin are current in the same nation, of like value by denomination, but not intrinsically, that which has the least value will be current and the other as much as possible will be hoarded." About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2007 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.