Gresham’s law: people tend to spend weaker money and hoard the harder money.

➡️ Therefore the harder money is not much used as a means of payment. However it is used for savings.

Thiers’ law: at one point, weaker money is losing its purchasing power so fast that merchants stop accepting it and prefer being paid with harder money.

➡️ Harder money then replaces weaker money as a means of payment.