Copernicus and coin reform
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In 1505, Nicolaus Copernicus moved to Bishopric of Warmia, in northern Poland. He settled , worked and died in Frombork.
There he held the office of canon and participated with the leading role in the discussions on the Prussian Sejm about the coin reform in the province. One issue of concern to participants of the Sejm was who had the right to mint coins. The task required a lot of diplomacy, but proved to be a success.
Copernicus contributed the idea that the presence of undervalued currency would drive overvalued currency from the market.
This is now known as Gresham's Law.
External links:
- article (http://www.rit.edu/~flwstv/copernicus.html) by Prof. Fred L. Wilson of the Rochester Institute of Technology