Not exactly the same situation but … before 1934 many long-term bonds, including government bonds, had a “gold clause” stipulating repayment in gold. After the end of the gold standard and the effective devaluation of the dollar in 1934, debtors were more than happy to declare the gold clauses void and pay off the bonds in devalued dollars. Creditors sued for the dollar equivalent of the gold they were due. The courts sided against the creditors because, well, they were asking for an awful lot of money.

I say the moral of the story is that you can tell the bond market to get ****ed at least once a century.