We all receive emails and notifications from various shopping websites informing us about Black Friday Sale. But the reason why does Black Friday exists is unknown to many of us. Different countries have different reasons for the same. So, let’s read about Black Friday history myths and facts.
1. United States Gold Scam of 1869
This city is famous worldwide owing to its population, for being center of trade, and much more. But the very first Black Friday was observed in this city. An event that shook the economy of the entire state.
- The scam was related to the stock market during the Gilded Age between the 1870s to 1900 on Wall Street. The aftereffects of the scam were felt for several years that followed.
- An American stockbroker and corporate executive, James Fisk Jr. along with an American railroad magnate and financial speculator, Jay Gould, an American newspaper editor, Abel Rathbone Corbin, the financier and the husband of Virginia Grant, sister of President Ulysses S. Grant were involved in this scam.
- They started buying and stocking gold from August 1869 to corner the market. Their large buying of the metal caused a sudden price hike of the same. They tried and took advantage of Abel’s relationship with the President. Hence, Grant came up with the policy to sell treasury gold at weekly intervals to pay off the national debt, stabilize the dollar, and boost the economy.
- But James and Jay successfully manipulated treasury policy and started hoarding gold from the market with Abel. And the Gold became the reason why does Black Friday exists in the economic market. (See Why is it called ‘Black Friday?’)
- No sooner did the President get hold of their plan than he ordered Abel to release all his gold holdings in the market which stabilized the prices a bit.
- On the other hand, President released $4 million in government gold on September 24, which in turn normalized the prices in the market.
This immediate action prevented the world’s economy from a huge turmoil. But he states that the economy suffered badly and the agriculture sector was hit the most. Thousands of traders and investors suffered the fortunes, and out of them, at least one person committed suicide. It took months and years for the economy to recover and hence this panic caused on September 24, 1869, came to be observed as Black Friday for the economy. (Also see 7 Interesting Mark Wahlberg Life Facts)
2. Philadelphia Army-Navy Football Game
Black Friday history myths and facts researchers consider the term Black Friday to have originated in Philadelphia, a city in Pennsylvania, United States. On Saturday after Thanksgiving, traditionally an Army-Navy football game is organized and football game tourists gather. Shoppers usually flood the streets on Friday and the weekend after. On this day, the streets, sidewalks, and stores became so jampacked that Police Officers declared it Black Friday. Since they had to work so hard to maintain the calm that it ultimately takes up their weekend too. (Read 10 Interesting Bob Ross Facts)
3. Four-Day Holiday of 1951-1952
Another one of Black Friday history myths and facts comes from the same place. What happened was that on the day after Thanksgiving, all the workers claimed to be sick in order to get leave and rest. Since every employee works only from Monday to Friday and Thanksgiving falls on Thursday, it was supposed to be an off-day where everyone could enjoy a hearty meal and celebrate with friends & family. Hence, the workers’ group came up with an idea to take a sick leave just to enjoy a four-day long weekend. The reason why does Black Friday exists is because of the loss suffered by factories & organizations due to the lack of workers in the entire state. (See Why is Sunday the First Day of the Week?)
4. Black Friday Sales for Retailers
- Lastly, Black Friday is used by retailers in context to a drop in their business & the sudden rise in sales on the day after Thanksgiving and the weekend that follows. Therefore, in order to enhance more sales, the retailers started offering handsome discounts, pre-season and post-season sales on everything including clothes, accessories, household things, and even on large appliances.
- Another Black Friday history myth and fact is that the reason why they call it Black Friday is that on this day both the customers and the sellers are at joy. Sellers earn huge profits while customers get things at less prices and heavy discounts accompanied by combo offers and deals.
It is now clear that black Friday history myths and facts are not related to any black spirits or something viciously dangerous that happened in history. And, why do they call black Friday black Friday. (Also read Why Japan is Called Land of Rising Sun?)