Gresham's law
On December 29, 1845, President Vicente Ramón Roca authorized a coin to compete with the "fuertes" (full-bodied coin) of other countries. This was the peso fuerte, 903 fine. The standard of 875 fine for gold was identical to that of Ecuador's neighbors and presented no problem. The standard of 903 fine for silver, however, resulted in a heavy export of the coin. It disappeared as soon as it entered circulation (Gresham's law), grabbed up by the merchants of Guayaquil. On July 7, 1846, the value of the fuerte was raised from 8 to 9 reales in a vain attempt to keep it in circulation.