> there were practical limits to currency debasement when the currency was a physical commodity

"In the second century, a modius of wheat (approximately nine liters), during normal times, had sold for ½ Denarius…. the same modius of wheat sold in 335 AD for over 6000 denarii, and in 338 AD for over 10,000" [1].

Note that inflation can also occur with zero debasement if the economy around the fixed money supply collapses. This happened in Rome when Pompey and later Augustus were trashing trade routes. It may have even led to the collapse of India's ancient democracies.

> there were serious political repercussions for it

There weren't. The state historically borrowed from the hilt of the sword. Economic collapse constrained kings and emperors. Not politics.

[1] https://etedge-insights.com/featured-insights/analysis/how-h...