During the greater portion of the first half century following the organization of the national government in 1789, the notes issued by the two United States Banks (first, 1791-1811; second, 1816-1836) supplied the most important part of the country's circulating medium. Each bank kept an adequate reserve of coin with which to redeem its notes. Consequently, the people accepted them at their face value. Numerous state banks also issued notes, which usually had scarcely more than a local circulation in the neighborhood of the issuing bank.