The counter-swings just created an illusion of longterm stability. But it definitely didn't feel that way for people living on the ground (of course a lot of that is down to unstable food supply and not just the monetary system. Not that it was avoidable, you can't really have a fiat currency without a stable and somewhat reliable government anyway).
https://www.officialdata.org/us/inflation/1800?amount=1#:~:t....
or even in the 18th century:
https://www.in2013dollars.com/UK-inflation
The counter-swings just created an illusion of longterm stability. But it definitely didn't feel that way for people living on the ground (of course a lot of that is down to unstable food supply and not just the monetary system. Not that it was avoidable, you can't really have a fiat currency without a stable and somewhat reliable government anyway).