Less than 40 years ago in the United States, it was common to change a one-dollar bill for a dollar's worth of silver. That is because the coins were actually made of silver. But those days are gone. There is no silver in today's coins. When the price of the precious metal rises above its face value as money, the metal will become more valuable in other uses. Silver coins are no longer in circulation because the silver in coins is worth much more than their face value. A silver firm could find that it is cheaper to obtain silver by melting down coins than by buying it on the commodity markets. Coins today are made of an alloy of cheaper metals.

    Gresham's Law, named after Sir Thomas Gresham, argues that "good money" is driven out of circulation by "bad money". Good money differs from bad money because it has higher commodity value.

    Gresham lived in the 16th century in England where it was common for gold and silver coins to be debased. Governments did this by mixing cheaper metals with gold and silver. The governments could thus make a profit in coinage by issuing coins that had less precious metal than the face value indicated. Because different mixings of coins had different amounts of gold and silver, even though they bore the same face value, some coins were worth more than others as commodities. People who dealt with gold and silver could easily see the difference between the "good" and the "bad" money. Gresham observed that coins with a higher content of gold and silver were kept rather than being used in exchange, or were melted down for their precious metal. In the mid-1960s when the U.S. issued new coins to replace silver coins, Gresham's law went right in action.

1.  Why was it possible for Americans to use a one-dollar bill for a dollar's worth of silver
2. Because there was a lot of silver in the United States.
3. Because money was the medium of payment.
4. Because coins were made of silver.
5. Because silver was considered worthless,
6.  Today's coins in the United States are made of_________
7. some precious metals                 
8. silver and some precious metals
9. various expensive metals              
10. some inexpensive metals
11.  What is the difference between "good money" and "bad money"
12. They are circulated in different markets.     
13. They are issued in different face values.
14. They are made of different amounts of gold and silver.     
15. They have different uses.
16.  What was the purpose of the governments issuing new coins by mixing cheaper metals with gold and silver in the 16th century
17. They wanted to reserve some gold and silver for themselves.
18. There was neither enough gold nor enough silver.
19. New coins were easier to be made.           
20. They could make money.

核心词汇注释

circulation         n．循环，流  通，发行额

melting           adj．熔化的，融化的，溶  解的，混合的

commodity        n．日用品

alloy              n．合金          vt．使成合金，减低成色

argue             vi．争论，辩论    vt．说服

differ             vi．不一致，不同

debase            vt．贬低，降低

coinage           n．造币；货币制度；创  造；新造的字及词语等

content            n．内容，容量；目录：满足    adj．满足的，满意的，愿意的

                  vt．使满足

replace            vt．取代，替换，代替；把……放回原处

长难句剖析

    A silver firm could find that it is cheaper to obtain silver by melting down coins than by buying it on the commodity markets．

    [结构分析]本句中，主语是A silver firm，谓语动词是fief，that引导的从句作宾语。在宾语从句中应用了比较级，方式状语“by…”是比较的部分。

    [参考译文]银制品公司会发现通过熔化银币获得银比从市场上购买要便宜。

    Gresham's Law，named after sir Thomas Gresham，argues that “good money” is driven out of circulation by “bad money”．

    [结构分析]本句主干是Gresham's Law…argues that．．．。过去分词named after．．．作主语的后置定语，谓语动词argue后接由that引导的宾语从句。

    [参考译文]以托马斯·格雷欣爵士的名字命名的格雷欣法则，认为“良币”被“劣币”驱逐出流通领域。

    Because different mixings of coins had different amounts of gold and silver, even though they bore the same face value，some coins were worth more than others as commodities．

    [结构分析]本句是一个主从复合句。主句是some．．．commodities，从句是由because引导的原因状语从句，even thrush引导的是让步状语从句。

[参考译文]因为混合方法不同，金银含量也不同，所以即使钱币上标识的面值一样，有些钱币也比其他的钱币商品价值高。

全文参考译文

    30多年前，在美国，把一美元钞票换成价值一美元的银币是很平常的事情。不过这种日子一去不复返了。现在硬币中已经不含银了。当这种珍贵金属的价值升到高于它作为货币的面值后，它作为其他用途就更有价值了。因为钱币中的银比它的面值值钱得多，所以银币不再出现在流通领域。银制品公司会发现通过熔化银币获得银比从市场上购买要便宜。现在钱币都是用便宜的金属合金铸造的。以托马斯·格雷欣爵士的名字命名的格雷欣法则，认为“良币”被“劣币”驱逐出流通领域。良币有更高的商品价值是良币与劣币的区别。

    格雷欣生活在16世纪的英格兰。当时降低金币或银币的成色是很普遍的。政府将廉价的金属和金银混合在一起降低钱币成色。这样，政府就可以通过发行珍贵金属含量低于面值的钱币获取利益。因为混合方法不同，金银含量也不同，因此即便钱币上标识的面值一样，有些钱币也比其他的钱币商品价值高。用金银做交易的人很容易看出“良币”和“劣币”的差异。格雷欣观察到了金银含量高的钱币更多的被保存了下来，而不是用来交换，或者被熔化以提取贵重金属。20世纪60年代中期，美国发行了新的钱币取代银币，格雷欣法则正式开始实施。

题目答案与解析

1． 美国人可以用1美元钞票兑换成价值1美元银币的原因是什么    [答案]C

    A．因为美国当时有大量的银。    B．因为钱是付款的中介物。

    C．因为硬币是由银制成的。      D．因为银被认为是没有价值的。

    [解析]本题可参照文章第1段的it was common to change a one-dollar bill for a dollar's worth of silver。从中可知，以前用一美金钞票兑换价值一美元的银币是很平常的事情，紧接着作者给出了原因——银币在当时的确是由银制作的。因此C项是正确答案。

2． 美国现在的硬币是由_________制作的。    [答案]D

    A．一些珍贵的金属    B．银和一些珍贵的金属

    C．各种昂贵的金属    D．一些便宜的金属

    [解析]本题的依据是文章第1段最后一句话Coins today are made of an alloy of cheaper metals。因此D项为正确答案。

3．“良币”和“劣币”之间有什么区别    [答案]C

    A．他们在不同的市场流通。    B．他们发行的面值不同。

    C．他们的金银含量不同。      D．他们有不同的用途。

    [解析]本题可参照文章第2段的第2句话，从中可知良币和劣币的差别在于他们有不同的商品价值，而第3段中又提到政府使用便宜的金属和金银混合以降低货币的实际价值，而且做金银交易的人可以分别出两种货币的不同，因此C项为正确答案。

4． 16世纪政府发行用廉价金属和金银混制成的新型硬币的目的是什么    [答案]D

    A．他们想私自把金银保存起来。    B．没有足够的金和银。

    C．新硬币容易制作。              D．他们可以赚钱。

[解析]本题的依据是文章最后一段的第3句话The governments could thus make a profit in coinage by issuing coins that had less precious metal than the face value indicated。从中可知D项为正确答案。

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