1993-10-21 - Re: backing

Header Data

From: “Perry E. Metzger” <pmetzger@lehman.com>
To: cypherpunks@toad.com
Message Hash: 03cc16bd3b6022a61f33d52c5aded111fba50732a7cfe6c913917f377f603928
Message ID: <9310211942.AA22217@snark.lehman.com>
Reply To: <Pine.3.05.9310211533.B2512-9100000@jhunix.hcf.jhu.edu>
UTC Datetime: 1993-10-21 19:47:59 UTC
Raw Date: Thu, 21 Oct 93 12:47:59 PDT

Raw message

From: "Perry E. Metzger" <pmetzger@lehman.com>
Date: Thu, 21 Oct 93 12:47:59 PDT
To: cypherpunks@toad.com
Subject: Re: backing
In-Reply-To: <Pine.3.05.9310211533.B2512-9100000@jhunix.hcf.jhu.edu>
Message-ID: <9310211942.AA22217@snark.lehman.com>
MIME-Version: 1.0
Content-Type: text/plain

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.