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<p>[QUOTE=&quot;Texas John, post: 925430, member: 25813&quot;]Gresham&#039;s Law means that if there is a <i>perceived</i> difference in desirability among the tendering possibilities a spender has, he will spend the least desirable possibility first, and the most desirable possibility last.</p><p><br /></p><p>If a person in medieval England had a clipped and worn silver penny and an intact and new one, then he&#039;d spend the former first. </p><p><br /></p><p>If a person in America in 1967 had two clad quarters and a 40% half, <i>and </i>he perceived the part-silver half to be more desirable, then he&#039;d spend the quarters first.</p><p><br /></p><p>If a person in 2010 America <i>perceives </i>a half dollar of any sort to be more desirable than two quarters, he&#039;ll spend the two quarters. If enough people think the same way, halves will never circulate for long before somebody puts them in a coffee can.[/QUOTE]</p><p><br /></p>

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