The 1869 U.S. financial panic caused by an attempt to corner the gold market was called Black Friday.
Speculators Jay Gould and James Fisk tried to control the supply of gold available to investors, hoping that a higher gold price would benefit their positions. They cultivated political connections and encouraged buying while the administration of President Ulysses S. Grant resisted the scheme.
On September 24, 1869, the government released gold into the market. The resulting price collapse caused severe losses and disrupted financial markets. The day became known as Black Friday, and the scandal damaged confidence in financial and political institutions.
This event is distinct from later “Black Friday” labels associated with shopping or other market crises. It also predates the better-known Wall Street Crash of 1929 by six decades. The episode illustrates how concentrated speculation and attempts to manipulate a market can create wider financial instability.