The Free Banking Era (jan 20, 1837 – feb 23, 1863)
Description:
The number of state banks rose greatly and caused a variety of problems. They didn't have gold and silver to back their money, and people came and tried to redeem their money for gold and silver, which the banks didn't have. A lot of banks engaged in fraud. There were many different currencies flowing through these banks. This made it easy to create believable counterfeits, and created chaos.Added to timeline:
Date:
jan 20, 1837
feb 23, 1863
~ 26 years