Which 1869 U.S. financial panic became known as Black Friday?

The 1869 U.S. financial panic known as Black Friday was the gold market panic of 1869.

The episode followed an attempt by financiers Jay Gould and James Fisk to corner the U.S. gold market. They hoped that restricting the supply of gold available for trading would drive its price higher, while political connections helped them believe that the government would not disrupt the plan.

President Ulysses S. Grant eventually ordered the Treasury to sell gold. On September 24, 1869, the resulting supply shock sent gold prices sharply lower and caused heavy losses for speculators. The panic damaged confidence and disrupted markets, although it did not produce the same long depression associated with the Panic of 1873.

This Black Friday is not the same event as the famous retail-shopping day in the United States. It is also different from the Black Friday associated with Britain’s 1866 financial crisis. The shared name refers to separate historical episodes.