A brief history of bank notes in the United States and some lessons for stablecoins
Abstract
Prior to the establishment of the Federal Reserve, commercial banks issued "bank notes" that circulated as a privately issued form of money. In addition to being backed by the issuing bank, these notes were backed by various types of collateral, including state government bonds and U.S. government bonds.
Fields of Study & Subjects
Banking stability
regulation
efficiency
Monetary Policy and Economic Impact
Economic theories and models
Publication details
- Journal / source
- FEDS Notes
- Issue
- 2026-02-06
- Publication date
- 1 February 2026
- Language
- EN