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Re: backing
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