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Philadelphia is the homeland of many of our country’s firsts.
But in 1791, our Founding Fathers created something that would shape our lives forever: the First Bank of the United States. Before dollar bills and long before cryptocurrency, America was a fragile experiment drowning in debt.
“George Washington had a goal for Alexander Hamilton to bring the country back out away from the economic struggles that they had during the 1780s — mostly stemming from the American Revolutionary War,” said park ranger Suzanne Moore.
“Hamilton’s like, ‘Okay, I have that idea,’ I’m going to take it one step further and go beyond and make sure we have an economic future for this nation as well,” Moore said.
Many early American leaders did not think a bank was a good idea, arguing it was unconstitutional. However Hamilton — aka the ten-dollar Founding Father without a father — changed their minds. As U.S. Treasury Secretary, Hamilton delivered a 15,000-word argument to persuade Congress — and ultimately President Washington — that a bank that oversaw the entire nation was a necessity.
Thus, the First Bank of the United States was born in Philadelphia on 3rd Street between Chestnut and Walnut. The grand Greek Revival building still sits there today. It has been closed for decades, but now you’ll be able to head in and check it out for yourself once more.
The First Bank is reopening after a $43 million restoration into a new museum. Today is the first time the public can go in and admire its marble interior in 50 years.
“We’ve been raising funds for this since about 2018 to reopen the bank, getting it ready for the semiquincentennial,” said Jonathan Burton, director of development for the Independence Historical Trust. “And here we are. We are about to open the bank on July 1.”
The restored building is thanks to a partnership between Independent Historical Trust and Independence National Historical Park. The new museum will offer an overview of the history of American financial systems, such as our trade systems, land ownership and the economic institution of slavery.
For the opening, exhibits will include objects from Drexel University’s Atwater Kent Collection, as well as diplomatic gifts from U.S. embassies across the globe from the Department of State. There will also be objects touching on the nations’ centennial, sesquicentennial and bicentennial.
In addition, to the opening today, the city is celebrating the nation’s First Bank as part of the ongoing Firstival celebrations on the Fourth of July. Each celebration represents an idea, place or event that happened first in Philadelphia — but this is the only Firstival festivity that is actually on the nation’s 250th birthday.
Artist Malachi Floyd painted a Firstival one sculpture for the refurbished building.
“I was just working with the Ministry of Awe, which is redefining banking,” Floyd said, describing how another of Philly’s historic bank buildings now highlights artwork which contextualize meanings of currency, capitalism and commerce. “I was trying to walk away from the initial thoughts and not try to do something that someone else would do.”
The sculpture is painted yellow and green with a portrait of Alexander Hamilton on the side, stacks of dollar bills and the First Bank building.
Anyone can head to the Firstival on Saturday to celebrate this piece of Philadelphia history brought back to life. The event takes place on Saturday, July 4 from 11:00 a.m. to 1:00 p.m. at the First Bank of the United States, 120 S. 3rd Street.
Check out BP’s full guide to all of this year’s Firstivals below.
Completed
Week 1: Successful balloon flight in America (1793)
Week 2: The Mummers parade, the nation’s first folk parade (1901)
Week 3: Volunteer fire company (1736)
Week 4: Professional basketball league (1898)
Week 5: Public Girl Scout cookie sale (1932)
Week 6: African Methodist Episcopal congregation (1794)
Week 7: Abolitionist society in America (1775)
Week 8: Authentic Chinese gate built in America (1984)
Week 9: Public protest against slavery in America (1688)
Week 10: Flower Show (1829)
Week 11: Women’s medical college (1850)
Week 12: Matchbook (1892)
Week 13: Medical school (1765)
Week 14: Stadium (1895)
Week 15: Circus performance (1793)
Week 16: Botanical garden (1728)
Week 17: Postmaster (1737)
Week 18: American-made piano and sousaphone (1775 and 1893)
Week 19: Mother’s Day (1908)
Week 20: Hospital in America (1751)
Week 21: World’s Fair on American soil (1876)
Week 22: Steamboat for passengers and freight (1787)
Week 23: American flag (1777)
Week 24: U.S. Army (1775)
Week 25: Annual Reminder demonstration (1965)
Week 26: Paper maker in America (1690)
Upcoming
• Organized baseball team (1831)
July 11 (location TBD)
• Ice cream soda (Oct. 1874)
July 18, Franklin Fountain, 116 Market St.
• American art school (1805)
July 25, Pennsylvania Academy of the Fine Arts, 118-128 N. Broad St.
• Scientific Society of Natural History (1812)
Aug. 1, at Academy of Natural Sciences, 1900 Benjamin Franklin Parkway
• Zoo in America (1874)
Aug. 8, Philadelphia Zoo, 3400 W. Girard Ave.
• U.S. Mint (1793)
Aug. 15 (location TBD)
• Selfie (1839)
Aug. 22, Love Park, 1501 John F Kennedy Blvd.
• Slinky (1943)
Aug. 29, Philadelphia Art Museum, 2600 Benjamin Franklin Parkway
• Signing of the Constitution (1787)
Sept. 5, National Constitution Center, 525 Arch St.
• Continental Congress (1774)
Sept. 12 at Carpenters’ Hall, 320 Chestnut St.
• Naming of the United States (1776)
Sept. 19, Independence Hall
• Ronald McDonald House (1974)
Sept. 26, Ronald McDonald House, 3925 Chestnut St.
• Penitentiary in America (1829)
Oct. 3, Eastern State Penitentiary, 2027 Fairmount Ave.
• The First Peoples
Oct. 10, Penn Museum, 3260 South St.
• U.S. Navy and Marine Corps (1775)
Oct. 17, Arch Street Meeting House, 320 Arch St.
• Public showing of a motion picture (1870)
Oct. 24, Philadelphia Film Society, 1412 Chestnut St.
• Modern detective story written (1841)
Oct. 31, Edgar Allan Poe House, 532 N. 7th St.
• Thanksgiving Day parade in America (1920)
Nov. 7, Benjamin Franklin Parkway
• University in America (1740)
Nov. 14, Houston Hall, The University of Pennsylvania, 3417 Spruce St.
• Children’s hospital in America (1855)
Nov. 21, Children’s Hospital of Philadelphia, Main Building, 3401 Civic Center Blvd.
• Pencil with an attached eraser (1858)
Nov. 28, National Liberty Museum, 321 Chestnut St.
• Weather bureau (1870)
Dec. 5, The Franklin Institute, 222 N. 20th St.
• Electronic computer (1945)
Dec. 12, The University of Pennsylvania, 3451 Walnut St.
• Public lending library in America (1731)
Dec. 19, The Library Company of Philadelphia, 1314 Locust St.
• Philly food firsts: Cheesesteaks (1930s), water ice (1932) and bubble gum (1928)
Dec. 26, Reading Terminal Market, 1136 Arch St.
