Black Friday, the day after Thanksgiving, is regarded by many as the beginning of the Christmas shopping season. And while you might be planning on staying in and avoiding the crowds or simply stopping by your local coin shop, since 2005, Black Friday has been the busiest shopping day of the year. With retailers extending their hours and deals every year, the crowds and chaos show no signs of decreasing.
While not a federal holiday, several states observe the day after Thanksgiving as a holiday, which means many state and school employees have the day off. Therefore, the number of potential shoppers greatly increases. Here’s a look at the history and evolution of Black Friday.
The first recorded use of the term “Black Friday” was applied not to holiday shopping but to financial crisis: specifically, the crash of the U.S. gold market on September 24, 1869. Two Wall Street financiers, Jay Gould and Jim Fisk, worked together to buy up as much as they could of the nation’s gold, hoping to drive the price sky-high and sell it for astonishing profits. On that Friday in September, the conspiracy finally unraveled, sending the stock market into free-fall and bankrupting everyone from Wall Street barons to farmers.
Likely the most commonly repeated story behind Black Friday tradition is it’s links to retailers. As the story goes, after an entire year of operating at a loss (“in the red”) stores would supposedly earn a profit (“went into the black”) on the day after Thanksgiving, because holiday shoppers blew so much money on discounted merchandise. Though it’s true that retail companies used to record losses in red and profits in black when doing their accounting, this version of Black Friday’s origin is the officially sanctioned—but inaccurate—story behind the tradition.
In recent years, another myth has surfaced that gives a particularly ugly twist to the tradition, claiming that back in the 1800s Southern plantation owners could buy slaves at a discount on the day after Thanksgiving. Though this version of Black Friday’s roots has understandably led some to call for a boycott of the retail holiday, it has no basis in fact.
The true story behind Black Friday, however, is not as sunny as retailers might have you believe with the red and black accounting. Back in the 1950s, police in the city of Philadelphia used the term to describe the chaos that ensued on the day after Thanksgiving, when hordes of suburban shoppers and tourists flooded into the city in advance of the big Army-Navy football game held on that Saturday every year. Not only would Philly cops not be able to take the day off, but they would have to work extra-long shifts dealing with the additional crowds and traffic. Shoplifters would also take advantage of the craziness in stores to make off with merchandise, adding to the law enforcement headache.
By 1961, “Black Friday” had caught on in Philadelphia, to the extent that the city’s merchants and boosters tried unsuccessfully to change it to “Big Friday” in order to remove the negative connotations. The term didn’t spread to the rest of the country until much later, however, and as recently as 1985 it wasn’t in common use nationwide. Sometime in the late 1980s, however, retailers found a way to reinvent Black Friday and turn it into something that reflected positively, rather than negatively, on them and their customers. The result was the “red to black” concept of the holiday and the notion that the day after Thanksgiving marked the occasion when America’s stores finally turned a profit.
That Black Friday story stuck, and pretty soon the term’s roots in Philadelphia were largely forgotten. Since then, the one-day sales bonanza has morphed into a four-day event, and spawned other “retail holidays” such as Small Business Saturday/Sunday and Cyber Monday. Stores started opening earlier and earlier on that Friday, and now the most dedicated shoppers can head out right after their Thanksgiving meal. According to a pre-holiday survey by the National Retail Federation, an estimated 135.8 million Americans definitely plan to shop over the Thanksgiving weekend (58.7 percent of those surveyed), though even more (183.8 million, or 79.6 percent) said they would or might take advantage of the online deals offered on Cyber Monday.
Happy Black Friday and happy shopping!
Maybe consider avoiding the madness outside and pop by our ebay store for thousands of listings of coins, postcards, stamps, and more collectibles!