  We present the last pointed observation of AM Her carried out during the life
of the BeppoSAX satellite. It was bright at the beginning of the observation,
but dropped to the lowest X-ray level ever observed so far. The X-ray emission
during the bright period is consistent with accretion occurring onto the main
pole of the magnetized white dwarf. The rapid change from the active state to
the low deep state indicates a drop by a factor of 17 in the accretion rate and
hence that accretion switched-off. The short timescale (less than one hour) of
this variation still remains a puzzle. Optical photometry acquired
simultaneousy during the low state shows that the white dwarf remains heated,
although a weak emission from the accretion stream could be still present.
Cyclotron radiation, usually dominating the V and R bands, is negligible thus
corroborating the possibility that AM Her was in an off-accretion state. The
X-ray emission during the inactive state is consistent with coronal emission
from the secondary late type star.
