Can You Describe Operation And Application Of Grasham's Law?

Operation of the Grasham's Law:
The operation is explained in three different ways.
Good Money is Hoarded:
When the new (good money) coins and old coins (bad money) or under-weight or clipped coins are circulating together, people will prefer the new coins for the purpose of hoarding. In this way new coins will disappear and old coins will remain in circulation.
Good Money is Melted:
If any person wants to melt the coins for ornaments, he will prefer to melt the full weight coins (good money), so bad money will remain in circulation.

Good Money is Exported:
Gold is generally acceptable by all the world. If any importer of goods wants to make the payment in gold to the exporter, he will melt new coins having full weight. It will create shortage of money in the country.
Application of the Law:
This law is applicable in the following monetary standards.
Mono-Meltalism:
ng, melting or exporting good money will be used and bad money will remain in circulation.
Bi-Meltalism:When the worn-out coins and new full weight coins are made by the same material and they have the same face value, circulate together. In case of hoardi
When two mettles say gold and silver are used as materials for the standard money, and a ratio of exchange is fixed by law between their values, this system is called Bi-Meltalism.
Paper Money:
When coins and paper money circulate side by side as standard money, then metallic money will be considered good money. If at any time money is to be hoarded, exported, or melted coins will be preferred over paper money.