The labour exchange at Gray's Inn Road which began on September 3, 1832, which was based on Robert Owen's idea in The Crisis (June 1832), eventually collapsed in 1834 as the result of Greshham's Law in which "bad money drives out good." In this case, rather than money the object was the relative value of goods which were exchanged based on Labour notes. Labour notes were used to exchange unsaleable stock in shops for labour notes which were then used to purchase more valuable goods. This caused depreciation of the labor notes ultimately causing the experiment to collapse in 1834.