1790
Assignats
Revolutionary France recasts land-tied paper as everyday money. A September issue is called a ceiling. It does not hold.
In April 1790 the assignats were recast as circulating money. Interest was cut, then removed. Smaller notes followed, until the paper could pay wages and buy bread. What had been a fiscal instrument became the everyday unit.
In September 1790 the Assembly added a large new issue and called the total a ceiling. The ceiling did not hold. This is not John Law’s 1720, and it is not England’s 1797 stop on gold payout.