In the nineteenth century, before the Civil War, most commodity-backed money in the United States was:

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In the nineteenth century, most commodity-backed money in the United States was issued by private banks and redeemable for silver coins. This system was known as the "Free Banking" system and allowed banks to issue their own money as long as they held enough silver or gold as reserves. This system was eventually replaced by the National Banking System and the issuance of paper currency by the federal government.

In the Nineteenth Century, Before the Civil War, Most Commodity-Backed