Monetae cudendae ratio ("Treatise on Coin") and "Modus cudendi monetam" ("The Way to Strike Coin"). He made these the basis of a report which he presented to the Prussian Diet at Grudziądz (Graudenz) in 1522; Copernicus' friend Tiedemann Giese accompanied him on the trip to Graudenz. For the 1528 Prussian Diet, Copernicus wrote an expanded version of this paper, "Monetae cudendae ratio", setting forth a general theory of money. In the paper, Copernicus postulated the principle that "bad money drives out good", which later came to be referred to as Gresham's Law after a later describer, Sir Thomas Gresham. This phenomenon had been
Gresham's law for its bullion value, money that is considered to be "good" tends to leave an economy through international trade. International traders are not bound by legal tender laws as citizens of the issuing country are, so they will offer higher value for good coins than bad ones. The good coins may leave their country of origin to become part of international trade, escaping that country's legal tender laws and leaving the "bad" money behind. This occurred in Britain during the period of the gold standard. The law was named after Sir Thomas Gresham, a sixteenth-century financial agent of the English