It did have the effect of concentrating power in the royals who controlled the mints. They didn't just hand all that silver to everybody. They bought stuff with it. The peasants didn't have any silver coins. Maybe had never even seen any! The people it hurt were non-noble rich people who had a treasure stash of silver coins.

We're flying electric helicopters on Mars yet you can't turn on your clothes dryer in Texas. That's because scientists are in charge of Mars, and Republicans are in charge of Texas.