"Why would the things be different for your coin?"
There seems to be an acceptance of this paradox of money : that particular
forms of money cannot be both a store of value and a means of exchange.
Stated differently this becomes Gresham's Law:
https://en.wikipedia.org/wiki/Gresham%27s_lawSummary : "Bad money drives out good"
Regarding Government : "When a government overvalues one type of money
and undervalues another, the undervalued money will leave the country
or disappear from circulation into hoards, while the overvalued money
will flood into circulation."
Thus when government introduced their fiat money, specifically paper fiat
money, silver and gold coinage went into hiding. It is instructive to
observe that when the Mongols conquered China, the conquest was greatly
facilitated by the issuance of new paper money (at an extortionate
exchange rate). Fiat money is merely a transfer of power from savers to
the issuer of the fiat money. All fiat money is credit (and debt).
These things were once universally known. Today, the internet has made
new forms of money possible, and bitcoin may only be the first of many.
The lessons of history are being re-learned. For some, it may be painful.
This collective amnesia is surely not accidental - the punishment for
currency debasement could be both gruesome and medieval, hence those
promoting fiat currencies have strong incentives to succeed.
History suggests that store-of-value money is sub-optimal, and that a
trimetallic (gold, silver, bronze) currency has advantages (and
disadvantages). This paper asks the question:
https://www.mpls.frb.org/research/wp/wp536.pdf
"The puzzle, of course, is not why sovereigns carried out debasements
(in fact it might even be why they did not do so more often),
but rather why did private agents respond so."
The author does not directly provide a convincing answer. It seems
probable that an informed merchant, on learning of a forthcoming
debasement, will borrow, then covert the bullion into debased coins,
and replay the debt at profit. Thus proximity to the Mint may have
determined the market price of the debased silver coinage.
Note also "Accountants and merchants would count in livres of this
or that coin, and convert to gold coins to keep track of the
different values of the silver coins ..."
Monetary systems gravitate toward store-of-value (bitcoin) and
"overvalued money" that floods into circulation. Clearly, banks and other
middlemen are incentivised to keep fiat money circulating. Whether
bitcoin can disintermediate the third party in future transactions is
an open question, and there could be an opportunity for the right altcoin.