Within the Czech history, the Bohemian default in December 28, 1623 was similar to that of 1953 when it comes to impoverishing the masses. The default was called kalata, and was caused by the defeat of the Bohemian Estates in 1620 during the 30-Years War. The country was unable to run its finances due a war chaos and massive expulsion of the Protestants from Bohemia. The debasement already started around 1620-1621 with the coinage losing 25% of the silver content. The currency was devaluated by 80% in 1623 and the content of the silver was decreased to 12.5% of the prewar level. The bankruptcy left masses of people with coins that were not accepted, the commerce collapsed, followed by the deflation of land, buildings, and estates prices. The rise of the serfdom after 1623 -beside disruption of the war- was caused by the decrease of the monetary value from the manors taxes. Prior the 30-Years war, Bohemia had a significant number of free peasants or peasants that worked on rented property without forced labor and paid coinage tax to the landlord. After the war, the landlords preferred the labor as the coinage was worthless and enforced bounding people into the land that lasted for another 150 years. The bankruptcy in 1623 also whipped out the urban middle class, which lost coinage and the property values. Merchants and craftsmen only bartered their goods and the international trade between Bohemian lands and the HRE/Poland, and Hungary collapsed.

Source:

The Thirty Years' War By Geoffrey Parker

The Economic Crisis of 1619-1623, Journal by Charles P. Kindleberger