The Free Banking Era (1 janv. 1836 – 1 janv. 1865)

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State-Chartered Banks and Uncharted "free banks" became dominant over this period. They issued there own notes which were redeemable in gold or specie and banks began the offer of demand deposits to enhance commerce. With rising check transactions, the New York clearinghouse association was formed in 1853 for a way for the city's banks to exchange checks and settle accounts. With the beginning of the civil war however many banks were issuing currency which did not have any gold or silver backing which led to rejection and people to show up on bad currency lists causing peoples money in the bank to vanish disrupting the U.S economy.

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