Which 1873 financial panic began in Europe before spreading to the United States?

The 1873 financial panic that began in Europe before spreading to the United States was the Panic of 1873.

The crisis followed speculative expansion in railways, property, and finance. In the United States, the failure of the banking firm Jay Cooke & Company in September 1873 helped trigger a major market shock and contributed to the temporary closure of the New York Stock Exchange.

The panic led to a prolonged international depression often called the Long Depression. Falling prices, bankruptcies, reduced investment, and high unemployment affected industrial economies for years, although the severity and timing varied by country.

This event is sometimes confused with the Panic of 1893, another major American financial crisis. The Panic of 1873 is especially associated with railway speculation, European financial instability, and the collapse of Jay Cooke & Company.