Cash is all too often reduced entirely to one supposedly determining factor: cost. However, I believe that it is preferable to give equal consideration to the benefits of cash and those characteristics that make it unique.
In the literature, these banks were referred to as "wildcat banks". Later, the view of the period changed, and focus is now on market discipline during this period. This was reflected in the market's ability to price the risk on the banknotes from the individual banks, which was of paramount importance to the bank's reputation.