Black Friday: A History Beyond the Bargains

Vintage-style illustration of a bustling shopping street with crowds of people rushing to stores for sales, featuring classic storefronts, shoppers carrying bags, and retro cars on cobblestone streets — Rushing for Deals: A Vintage Look at Sales Fever

Black Friday wasn’t always about scoring massive discounts or kickstarting holiday shopping after Thanksgiving. Behind the shiny allure of sales lies a history filled with surprising twists, economic upheavals, and darker moments that have been largely forgotten. These four myths and little-known stories uncover the complex origins of Black Friday.

A Darker Past: Plantation Owners’ Black Friday

African American laborers working on a cotton plantation, 1874. Depicted are men and women engaged in picking cotton under harsh conditions, symbolizing the realities of agricultural labor post-Civil War. (Schomburg Center for Research in Black Culture, NYPL Digital Collections) — “Scene on a cotton plantation,” 1874. Schomburg Center for Research in Black Culture, Jean Blackwell Hutson Research and Reference Division, The New York Public Library. The New York Public Library Digital Collections.

The term “Black Friday” carries a complex history, with some claims suggesting links to a darker past. According to one theory, in the early 1800s, the day after Thanksgiving was associated with the sale of enslaved Black people, referred to in some accounts as “Negro Friday” or “Black Friday.” This claim, though widely circulated, lacks verified historical evidence. Regardless, it has sparked conversations about the term’s meaning and led some people in the United States to reevaluate or boycott the holiday.

The Gold Panic of 1869: A Financial Black Friday

1867 Wall Street scene at Broad Street corner, showing the sub-Treasury building (now Federal Hall National Memorial) on the left, with bustling street activity, horse-drawn carriages, and pedestrians. — A bustling Wall Street scene in 1867, captured from the corner of Broad Street. The iconic sub-Treasury building, which would later become the Federal Hall National Memorial, dominates the left side of the image.

In 1869, two Wall Street speculators attempted to corner the gold market, driving prices to exorbitant levels. Their scheme, however, quickly collapsed. On a fateful Friday in September, the plan imploded, triggering a stock market crash that devastated the American economy. This widespread panic, known as “Black Friday,” left millions financially ruined.

Profit Friday: A Turning Point for Retailers

Historically, accountants recorded losses in red ink and profits in black ink. For much of the year, many retailers operate at a loss, their finances “in the red.”

Black Friday, with its frenzied consumerism, often marks the turning point for retailers, allowing them to finally move “into the black.”

To achieve this, companies strategically employ deep discounts and enticing deals to attract customers while maintaining profitable margins.

The Philadelphia Connection: A Crowded and Chaotic Day

In the mid-20th century, the Army-Navy football game, held in Philadelphia on the day after Thanksgiving, drew massive crowds of tourists and shoppers to the city. This influx led to widespread chaos:

Traffic gridlock: Streets were clogged with vehicles, creating gridlock.
Shoplifting surges: Shoplifting incidents skyrocketed.
Overwhelmed stores: Stores were overflowing with shoppers, creating a chaotic and unpleasant shopping experience.

Frustrated law enforcement and retail managers began referring to the day as “Black Friday” due to the overwhelming crowds and the associated headaches.

Rebranding and Reinvention: From Negative to Celebrated

By the 1980s, retailers had successfully rebranded “Black Friday,” transforming it into a celebrated day of deals and discounts. While attempts to rename it “Big Friday” failed, the focus shifted from the chaos to the shopping opportunities.

The Evolution of Black Friday: From Stores to Screens

Today, Black Friday has evolved significantly. The one-day shopping frenzy has transformed into a multi-day, even multi-week, event. Online shopping has become increasingly popular, allowing consumers to avoid crowded stores and enjoy the convenience of shopping from home.