Free banking

Rarity: Common

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Notion

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Science and technology

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What Wikipedia says

Free banking is a monetary arrangement where banks are free to issue their own paper currency (banknotes) while also being subject to no special regulations beyond those applicable to most enterprises.

Excerpt from the Wikipedia article “Free banking”, under the CC BY-SA 4.0 license. Read the article on Wikipedia

Image: Artist is Elihu Vedder (1836–1923). Photographed 2007 by Carol Highsmith (1946–), who explicitly placed the photograph in the public domain., Public domain, via Wikimedia Commons.