Historical and Commemorative
Medals
Collection of Benjamin Weiss
RE-OPENING OF THE ROYAL EXCHANGE OF LONDON - SIR THOMAS GRESHAM WYON, William: England, 1844, Silver, 73 mm Sir Thomas Gresham (1519?––1579) was an English
merchant and financier. After the accession of Elizabeth I to the throne he
spent most of his time in London but went on diplomatic and financial
missions. He also accumulated a great private fortune as a banker, mercer,
and merchant. He was the principal figure in the founding of the Royal
Exchange, and he endowed Gresham College in London. His name was given to
Gresham's law, the economic principle that in the circulation of money
"bad money drives out good," i.e., when depreciated, mutilated, or
debased coinage (or currency) is in concurrent circulation with money of
high value in terms of precious metals, the good money is withdrawn from
circulation by hoarders. It was thought that Gresham was the first to state
the principle, but it has been shown that it was stated long before his time
and that he did not even formulate it. (from Columbia Encyclopedia). LINK to Biography of Sir Thomas Gresham (from Wikipedia) LINK to Portrait of Sir Thomas Gresham (from National Portrait Gallery)
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