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The Gold Market Crash of 1869: The Origins of “Black Friday”
When the term “Black Friday” was initially used, it wasn’t about the post-Thanksgiving holiday shopping spree but rather the financial crisis, namely the September 24, 1869, crash of the US gold market. Jay Gould and Jim Fisk, two infamously brutal Wall Street businessmen, banded together to purchase as much gold as they could in the country in an attempt to skyrocket the price and sell it for phenomenal gains. The scheme ultimately came to light on that Friday in September, plunging the stock market into complete collapse and bankrupting Wall Street titans and farmers.
Retailers and the “Red to Black” Myth
The most frequently recounted explanation of the Black Friday ritual associated with Thanksgiving shopping links it to retailers. According to the legend, stores purportedly achieved a profit (or “went into the black”) on the day following Thanksgiving after operating at a loss (or “in the red”) due to holiday consumers spending heavily on discounted goods. While retail organizations historically recorded earnings in black and losses in red during their accounting, this official, albeit fictitious, origin tale for Black Friday constitutes the genesis of the tradition.
Debunking the Southern Plantation Myth
A recent myth suggests that Southern plantation owners could purchase enslaved workers at a discount on the day after Thanksgiving in the 1800s, prompting some to call for a boycott of Black Friday. However, this version of the holiday lacks any basis in fact.
Chaos in Philadelphia: The True History of Black Friday
However, the real history behind Black Friday is not as optimistic as retailers might lead you to believe. In the 1950s, when crowds of suburban shoppers and tourists descended upon the city the day after Thanksgiving to prepare for the annual Army-Navy football game, police in Philadelphia coined the phrase to characterize the mayhem that ensued. Police in Philadelphia had to work extra shifts to handle the increased traffic and crowds, in addition to being unable to take the day off. To exacerbate matters for law enforcement, shoplifters also took advantage of the chaos in stores and stole merchandise.
Attempts to Rename and Reimagine
By 1961, “Black Friday” had become so popular in Philadelphia that business owners and supporters attempted unsuccessfully to change its name to “Big Friday” to shed its negative connotations. However, the term didn’t gain traction in the rest of the nation until much later, and as late as 1985, it wasn’t widely used. However, retailers managed to reimagine Black Friday sometime in the late 1980s, transforming it into a positive rather than a negative reflection on them and their clientele. As a result, the previously mentioned “red to black” holiday and the idea that America’s stores finally turned a profit on the day after Thanksgiving were born.
Evolution of Black Friday: From One Day to Four-Day Event
Black Friday, a one-day sales event, has evolved into a four-day event, giving rise to other “retail holidays” like Small Business Saturday/Sunday and Cyber Monday—stores open earlier that Friday, allowing dedicated shoppers to shop after the Thanksgiving meal.
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