The 1837 U.S. market crash was the Panic of 1837.
The panic began in May 1837 when banks in New York City suspended payments in specie, meaning gold and silver. The suspension reflected a combination of factors, including speculative lending, falling cotton prices, international financial pressure, and policies associated with President Andrew Jackson’s hard-money approach.
The crisis spread rapidly through the United States. Banks failed, businesses closed, investment collapsed, and unemployment rose. The resulting depression lasted until about 1843, although economic effects varied by region and industry.
The Panic of 1837 is sometimes described simply as a stock-market crash, but it was a broader banking and commercial crisis. It also helped shape the political fortunes of Martin Van Buren, who became president shortly before the panic and was blamed by opponents despite the crisis having multiple domestic and international causes.