A brief history of bank notes in the United States and some lessons for stablecoins

Mark Carlson

No 2026-02-06, FEDS Notes from Board of Governors of the Federal Reserve System (U.S.)

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.

Date: 2026-02-06
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedgfn:102444

DOI: 10.17016/2380-7172.4001

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