The devaluation was socially devastating. It was accompanied by dramatic inflation that damaged the real incomes of the creditors such as the aristocracy and the Church, who received a weaker currency in return for the loans they had issued in a stronger currency. The indebted lower classes did not benefit from the devaluation, as the high inflation ate into the purchasing power of their money. The result was social unrest. By 22 August 1303 this practice led to a two-thirds loss in the value of the "livres, sous" and "deniers" in circulation.