Question

The United States functioned without a central bank from 1836 until the end of that century.

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Answer 1

The United States functioned without a central bank from 1836 until the end of the century. It was known as the Free Banking Era, and state-chartered banks issued their own currencies during this time. The Federal Reserve System was established in 1913.

Step-by-step explanation:

The United States did function without a central bank from 1836 until the end of the century. In 1836, the Second Bank of the United States lost its charter, and no central bank was established to replace it.

This period without a central bank is often referred to as the Free Banking Era or the Era of Free Banking. During this time, state-chartered banks issued their own currency, leading to a proliferation of different banknotes.

It wasn't until 1913 with the establishment of the Federal Reserve System that the United States had a central bank once again.

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