The 1869 U.S. market panic caused by a failed attempt to corner gold prices became known as Black Friday.
Financiers Jay Gould and James Fisk sought to drive up the price of gold by limiting the supply available to the market. Their plan depended partly on President Ulysses S. Grant not releasing additional government gold. As prices rose, other traders and political connections became involved, creating a dangerous speculative situation.
Grant eventually ordered the Treasury to sell gold. On September 24, 1869, the resulting sudden fall in gold prices caused heavy losses and disrupted financial markets. The day became known as Black Friday, although it was not a stock-market crash in the same form as 1929 or 1987.
The episode also damaged the reputations of Gould and Fisk and showed how government policy, insider influence, and speculation could combine to destabilize markets. It is distinct from later Black Friday retail usage.