RE: OK, my ignorance.....
Danny,
Here's a clip that I cut from an article on Satellites and GPS navigation that should answer your question:
.....The last major issue was the altitude of the GPS satellite constellation. Satellites are generally either placed in low Earth orbit, a few hundred kilometers high, or in geostationary orbit over the equator, 36,000 kilometers high, where they take 24 hours to orbit the Earth and remain in a fixed position relative to the Earth as it turns under them.
Putting the satellites into low Earth orbit would reduce the size and cost of the boosters required to launch them, and would also reduce the power required for the transmitters on the satellites. However, obtaining adequate coverage would demand a large number of satellites. Putting them into geosynchronous orbit would reduce the number of satellites, but it would require more powerful launchers and transmitters, and it would not provide good coverage of the polar regions.
The altitude finally chosen was a compromise: a circular orbit with an altitude of 20,200 kilometers and a period of 12 hours. At that altitude, 17 satellites would be enough to make sure that four of them, the minimum number needed to establish a position, would always be visible from any location on the Earth's surface.
The GPS constellation finally implemented actually has 24 satellites, consisting of 21 in active operation, plus three spares. The 24 satellites operate in six different orbital "planes" (an orbital path shared by multiple satellites), with four satellites in each plane. The planes are inclined 55 degrees with respect to the equator. The GPS satellites are also fitted with nuclear blast detectors as a secondary mission, replacing the early "Vela" nuclear blast surveillance satellites in this role.