Black Friday is the common nickname for the U.S. gold-market crash of September 24, 1869.
Speculators Jay Gould and James Fisk attempted to corner the U.S. gold market by buying gold and trying to limit the supply available to other traders. They believed prices would rise if the federal government did not sell its gold reserves.
President Ulysses S. Grant eventually ordered the Treasury to sell gold. The decision broke the attempted corner on September 24, 1869. Gold prices fell sharply, speculators suffered heavy losses, and the turmoil disrupted financial markets and trade.
This Black Friday is unrelated to the modern shopping phrase and to the 1929 U.S. stock-market crash. It was principally a gold-market manipulation episode, although its consequences reached stocks, commodities, and commercial businesses. The scandal also damaged public confidence in financial speculation and government-connected operators.