Panic of 1837

The Panic of 1837 was an economic depression, one of the sharpest financial crises in the history of the United States. The Panic was built on a speculative fever. The bubble burst on May 10, 1837 in New York City, when every bank stopped payment in specie (gold and silver coinage). The Panic was followed by a six-year depression, with the failure of banks and record unemployment levels.

Related Topics:
Economic depression - History of the United States - May 10 - 1837 - New York City - Specie - Bank - Unemployment

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