First Bank of the United States, National Historic Landmark, Reopens as a Museum
The United States’ fight for independence 250 years ago resulted in the birth of a new nation. It also put that new nation in serious debt. America was prioritizing the decentralization of powers and differentiating itself from Great Britain in every way it could, but Secretary of the Treasury Alexander Hamilton saw reason in their central banking system and proposed a national bank to fix the country’s economic troubles.
Though met with some controversy, the idea was approved by President George Washington and Congress. The First Bank of the United States came to fruition – first opening at Carpenters’ Hall in 1791, then moving to a new location in 1797.
Today, the First Bank of the United States is a National Historic Landmark, designated as such in 1987, 90 years after its doors first opened. The building’s history is rich. It has changed hands many times over the decades, but its significance to Philadelphia and our nation has remained. To recognize this, necessary restoration took place in order to renew the First Bank’s status in Philadelphia and the country.
“The restoration of the First Bank is one of the most exciting preservation accomplishments in Philadelphia in recent years, and it has been incredible to watch this historic building come back to life,” shared Jonathan Burton, Director of Development at Independence Historical Trust (IHT). “As our nation celebrates its 250th anniversary, the reopening of the First Bank is a lasting legacy project for Philadelphia, ensuring that future generations can experience and learn from one of the most important buildings in early American history.”
When the National Park Service acquired the building in 1955, after it was a bank under a few different names over the years, the First Bank was added to Independence National Historical Park. In 2020, as the building approached 225 years since its creation, the necessity for revamped preservation efforts became apparent to IHT and partners in Philadelphia. Six years of work have made a new chapter possible for the First Bank, with its doors reopening on the same week as the United States’s 250th birthday.
The first national public building in America, the First Bank is being devoted to the public once again – not just for viewing, but as a functional museum educating and reminding visitors about Philadelphia’s role in the early years of the United States. Individuals can experience the grandeur of the space along with modern exhibits centered on the history of American international diplomacy and Philadelphia’s other historic milestones.
With this new opportunity to experience a National Historic Landmark, Philadelphia’s museum landscape is more robust than ever, as reflections on our nation’s history are spurred by the semiquincentennial celebrations.
