Free Banking Era (jan 1, 1836 – jan 1, 1865)

Description:

During this era, chartered and unchartered banks issued notes in such quantity that, by the end of the Civil War, more than 10,000 types of notes were in circulation. While this was rising, many banks offered demand deposits and the New York Clearinghouse Association was established. Due to the surplus of notes in the economy, most of which didn't have the necessary backing, many venders rejected notes.

Added to timeline:

Date: