Sir Thomas Gresham's Currency Reform

English financier, born in London, and educated at the University of Cambridge. After attending the university, he was apprenticed to his uncle, a merchant, in whose service he displayed unusual business ability. In later years he became one of the wealthiest men in England. In 1551, he was appointed a factor, or royal agent, by King Edward VI. Charged with the management of the royal debt abroad, he virtually liquidated it by adroit financial manipulations on the bourse, or stock exchange, of Antwerp. He was knighted by Queen Elizabeth I in 1559. While serving as her financial agent abroad, Gresham found that his tasks were difficult to execute because of the lower value of English currency in relation to the currencies of other countries.