The date is November 1579. Queen Elizabeth I is on the throne.

Sir Thomas is in dire financial straits and needs to borrow money so goes to his local bank for a loan.

It's true that Gresham's Law was actually not invented by Gresham but he said it a lot! By the time he died, he was heavily in debt even though he had numerous assets and was considered a wealthy man. His father was wealthy and well known but when he died, he really did have to fight his older brother over the will. HIs stepmother really did put a stipulation in her will to stop him touching her money or possessions.

He did marry his wife for her money and took control of the income of his step-sons. He also married his illegitimate daugher off as soon as he could and did have a child with his maidservant. He really did have to support 48 members of his wife's family! His half sister did sue him for meanness. He really did import and export weapons, so he was an early arms dealer. He travelled regularly between Antwerp and London and learnt about exchange rates and how money worked. He started selling foreign currency and brokering deals and bribed officials. He was also Government Banker to Edward VI, Mary and Elizabeth helping them reduce their debts and increase income, to his own benefit of course!

He really was accused several times of fraud and always managed to get away with paying it back to the crown. He really did come up with the idea for the Royal Exchange and its profits were to fund Gresham College (both of which still exist today!). He really was an early adoptor of double entry book keeping and he did have to have Mary Grey under house arrest for quite some time. He did have a shoe fetish and he really did leave his wife all his debts while leaving everything to his nephew Neville. He also did tell the University of Cambridge that he would leave them money but never did.

If you want to find out more about Thomas, check out the sources and places below:

The Queen's Merchant: The Life and Times of Sir Thomas Gresham - Jim Jordan

Gresham's Law: The Life and World of Queen Elizabeth I's Banker - John Guy

The Royal Exchange (image 2)

Gresham College  (image 3)