Assignat of 50 sols

A small-denomination assignat. As the value of paper fell, specie was hoarded and vanished from the market, and only paper stayed in people's hands. The government held prices down by law with the Maximum, and even put in place a law making it a capital offence merely to ask which money would be used in payment, but the controls made the shortages worse. In April 1795 the assignat fell to 8% of face value. The only thing that did not rise was wages. The loss fell on those who had saved and on people living on pensions; the gain went to those who had borrowed and those who held real things.