I think the period between 1837 and 1863 was known as the Free Banking Era because:
> That was a time when many small banks appeared in America.
> These banks appeared in many locations across the United States.
> The characteristics of these new banks were the following. These banks were independent, and had no charters.
> Each of these small banks issued their banknotes only supported by their own institutions, and nothing more.
> They received deposits of silver and gold and gave banknotes.
> During this period, the US government had little intervention to regulate these banks.
We can conclude that this Free Banking Era from 1837 to 1863, generated a lot of uncertainty in the financial system of the United States, which some authors consider created nervousness in the US economy.
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