In America, privately issued currency was widespread until 1866; how was the transition to a state-backed, and only state-backed currency handled? What were the repercussions? | AskHistorians Archive Observer

In America, privately issued currency was widespread until 1866; how was the transition to a state-backed, and only state-backed currency handled? What were the repercussions?

by td4999

ericthedreamer

What watershed event occurred in 1866 to stop private currency from being widespread?