The 1869 U.S. financial panic caused by a failed attempt to corner the gold market became known as Black Friday.
Speculators Jay Gould and James Fisk sought to control enough gold to drive its price higher. They hoped to profit while selling at inflated prices, and they cultivated political connections while pursuing the scheme. The U.S. government eventually intervened by selling gold, ending the artificial shortage.
On September 24, 1869, gold prices plunged after the government sale became known. The resulting panic damaged investors and businesses, although the broader consequences were less severe than those of later nationwide banking crises. The episode also harmed the reputation of President Ulysses S. Grant because of the involvement of people close to his administration.
This Black Friday is distinct from the shopping term and from Black Friday labels used for other market disasters. It was a gold-market corner and financial panic, not a modern stock-exchange crash in the usual sense.