That's a very important case that is so fascinating because despite all the weaknesses of employing a precious metal as a currency; since the introduction of paper currency in the last centuries central bankers have managed to create hundreds more Spanish disasters in such small period of time!

Weimar, Austria, Zimbabwe, Argentina... It's a long list of 20th Century, central bank, paper induced economic disasters: http://en.wikipedia.org/wiki/Hyperinflation

Can you find any hard-money regimes like that?