Whenever depositors planned to withdraw money, they’d grab the banknote to your bank and you may change it to have coins

19th Century Financial

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In early 1800s, the usa regulators failed to print papers currency but rather minted gold and silver called specie. The value of such coins is actually influenced by the value of brand new steel in the gold coins by themselves. People wished a safe place to keep their offers regarding silver and you will silver gold coins, so they really kept them during the finance companies, which had solid vaults or any other methods regarding security. More