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Bimetallism
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Bimetallism, also known as the bimetallic standard, is a monetary standard in which the value of the monetary unit is defined as equivalent to certain quantities of two metals, creating a fixed rate o
Gold Croeseid, minted by King Croesus c. 561–546 BCE. (10.76 grams, Sardis mint)
Gold Croeseid, minted by King Croesus c. 561–546 BCE. (10.76 grams, Sardis mint)
Silver Croeseid, minted by King Croesus c. 560–546 BCE. (10.59 grams, Sardis mint)
Silver Croeseid, minted by King Croesus c. 560–546 BCE. (10.59 grams, Sardis mint)
Croeseid bimetallic equivalence: 1 gold Croeseid of 8.1 grams was equivalent in value to 10 silver Croeseids of 10.8 grams.
Croeseid bimetallic equivalence: 1 gold Croeseid of 8.1 grams was equivalent in value to 10 silver Croeseids of 10.8 grams.
Achaemenid bimetallic equivalence: 1 gold Daric was equivalent in value to 20 silver Sigloi. Under the Achaemenids the exchange rate in weight between
Achaemenid bimetallic equivalence: 1 gold Daric was equivalent in value to 20 silver Sigloi. Under the Achaemenids the exchange rate in weight between gold and silver was 1 to 13.
Gresham's law
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In economics, Gresham's law is a monetary principle stating that "bad money drives out good". For example, if there are two coins in circulation containing metal of different value, which are accepted
Bimetallism
…the supply of money, stabilize prices, and facilitate setting exchange rates. Some scholars argued that bimetallism was inherently unstable owing to Gresham's law, and that its replacement by a monometallic standard was inevitable. Other scholars claimed that in practice bimetallism had a stabilizing effect on…
Sir Thomas Gresham
Sir Thomas Gresham
A stack of twenty Walking Liberty half dollars (left), which contain 90% silver. In an example of Gresham's law, these coins were quickly hoarded by t
A stack of twenty Walking Liberty half dollars (left), which contain 90% silver. In an example of Gresham's law, these coins were quickly hoarded by the public after the Coinage Act of 1965 debased half dollars to contain only 40% silver, and then were debased entirely in 1971 to base cupronickel (right).