Background
Prior to the American Civil War, state banks issued their own banknotes. During the Civil War, in 1863, the National Banking Act established a system of National Banks which were empowered to issue National Bank Notes subject to federal oversight. The chartering of banks and administrative control over the issuance of National Bank Notes were the responsibility of the Office of the Comptroller of the Currency. A 2% tax on state bank notes was authorized in 1864 to speed conversion to the new system, only to be increased the next year to 10, then 20%.
Read more about this topic: National Bank Note
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