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Are you referring to today or back then?
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Either…both
For instance, the dollar is gaining use in many places that have even more inflationary regimes.
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Yeah, that seems interesting. There probably is a floor in the sense that at some point, sellers will simply stop accepting the poor quality money.
In that sense, Gresham's Law does seem to require a government decree that fixes the nominal value of a bad currency and requires sellers (or a subset of sellers) to accept it.
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There seems to be some sort of floor on monetary quality that still has to be explained.
Sure, there are some worse monies observed driving out better, but we also don’t see entry of even worse monies.
Perhaps there’s a good-enough quality that hasn’t been explored much.