Free banking era
Published on Nov 18, 2015
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In the free banking era entry into banking was virtually unrestrained, banks could issue their own currency and governments did not insure banks; many banks closed and many noteholders reportedly suffered
During the Free Banking Era (1837–1862), only state-chartered banks existed. They could issue bank notes against specie (gold and silver coins) and the states regulated their own reserve requirements.
During the free banking era, the banks were short-lived compared to today's commercial banks, with an average lifespan of five years.
Photo by dbnunley
During the free banking era, between 1837 and 1863, banking in the United States was dominated by state-Chartered bank
Photo by VinothChandar
