Episode 2 of 2
New York Bank Run
- When
- 10 May 1837
- Where
- New York City
On May 10, 1837, New York banks ran out of gold and silver, leading to the suspension of specie payments.
The bank run came to a head on May 10, 1837, when banks in New York City ran out of gold and silver. They immediately suspended specie payments, and would no longer redeem commercial paper in specie at full face value. This event gave the crisis its name and marked the beginning of the Panic of 1837.
Sources
- Panic of 1837 Wikipedia, revision of 2026-09-16
Machine-drafted from the cited Wikipedia passages and checked by a reviewing model, not by a human editor. Every passage cites the revision it was written from; dates and places follow those passages.