Currency circulated by banks that could be redeemed for gold was called banknotes.
A bank is a financial institution authorized to accept deposits and make loans. Banks may also provide financial services such as wealth management, currency exchange, and safe deposit boxes. There are many types of banks, such as retail banks, commercial or corporate banks, and investment banks.
This law established the Office of the Comptroller of the Currency (OCC). The OCC is tasked with organizing and managing a system of nationally licensed banks and a single national currency.
In the United States, redeemed gold banks are licensed by the state, not federal, governments. State banks have the option of becoming members of the Federal Reserve.
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