bank issued its own notes. E-money shares many of the characteristics of these bank notes. This paper describes some … lessons relevant to e money from the U.S. experience with national bank notes. It examines historical evidence on how well the … bank notes — a privately issued currency system with multiple issuers — functioned with respect to ease of transacting …

In the United States prior to 1863, each bank issued its own distinct notes. E-money shares many of the characteristics … of these bank notes. This paper describes some lessons relevant to e-money from the U.S. experience with state bank notes …. It examines historical evidence on how well the bank notes — a privately issued currency system with multiple issuers …