What occured on the free bank era?

The Free Banking Era in the United States, spanning roughly from the 1830s to the 1860s, was characterized by a system where banks could issue their own currency without extensive federal regulation. This era saw a proliferation of state-chartered banks, each backed by varying amounts of gold or silver, leading to a lack of uniformity in currency and significant financial instability. The absence of a central banking authority contributed to frequent bank failures and financial panics, culminating in the establishment of the National Banking Act in 1863, which aimed to create a more stable and uniform banking system.