The New York Stock Exchange wouldn't have been made if not for municipal bond sales

The bond market dates back to the 1100s in Venice

In the early 1800s, bonds were used to fund US railroads and canals in Great Britain. “Liberty Bonds” were sold during both World Wars in the 20th century. Learning about the early and modern history of bonds can offer a glimpse into how the modern bond market came to be.

Hamilton founded what many regard as the first commercial bank in the United States

In 1784, Alexander Hamilton helped found the Bank of New York, which initially operated without a charter, financed early federal operations, provided what is considered the US government's first loan, and became the first stock traded on the New York Stock Exchange.

Local governments borrow money for long-term projects by issuing municipal bonds

When a city needs to build a school, a road, or a water treatment plant, it usually issues a municipal bond—borrowing money from investors to be paid back over time. The market for these bonds now exceeds $4T.

If the US government paid off its debt, it could disrupt the entire bond market

Treasury bonds are some of the most common bonds for investors, and the majority of the national debt is in bonds.

The New York Stock Exchange was started in 1792

When it first opened, traders would meet both outside on the street and in coffee shops to do business. Today, the NYSE is known as one of the most important financial institutions in the world.

In 1711, the New York City Common Council decided that the city’s slave market would operate on Wall Street

In 1711, the New York City Common Council decided that the city’s slave market would operate on Wall Street. Back then, the nation’s economy rode on the backs of slave labor and the slave trade itself—meaning that the slave market’s location was an economic hub for the city.

Investors trading their municipal bonds can't use the same method to purchase them

Instead, they’ll have to go through the secondary market, which has its own set of rules and steps to follow. An illustrated, explanatory video can help you learn how to sell your municipal bonds for the best market value.

The history of bankruptcy in the US dates back to the signing of the Constitution

In 1787, this founding document gave Congress the right to establish nationwide bankruptcy laws. Legislators took advantage of that power in 1800 when they passed the Bankruptcy Act of 1800, the first comprehensive bankruptcy law at the federal level.

The Erie Canal was built without a single dollar of federal funding

After President Madison and Congress rejected the project, New York State financed the 363-mile Erie Canal entirely on its own—authorizing $7M in bonds in 1817.

In 1792, Congress established the first national mint to produce all the coins in the US

At the same time, the US also started producing the dollar, its first official currency. The US Mint has since issued coins throughout the country.

New York was a hotbed of early revolutionary activity

In the decade before independence, New York City saw Stamp Act riots, liberty pole confrontations, the 1770 Battle of Golden Hill, and defiance of the Quartering Act, and organized efforts to block and destroy taxed British tea.

Colonial Americans used tobacco, wampum, and land-backed notes to solve a chronic coin shortage

British coins rarely circulated in the colonies due to an unfavorable trade balance, forcing colonists to improvise. They traded in Spanish dollars, Native American shells, tobacco warehouse receipts, and eventually paper money backed by land rather than gold.

The Compromise of 1790 broke a deadlock over debt and the national capital

In 1790, Alexander Hamilton, James Madison, and Thomas Jefferson reached an agreement that allowed Congress to assume the states' war debts and to approve a permanent national capital on the Potomac River.

Gambling funded America's early expansion

In the colonial era, lotteries were viewed as a voluntary tax to help fund infrastructure and capital projects. The idea came from Europe, which had used lotteries dating back to the 16th century. The image below is from a Massachusetts lottery in 1758.

Mapping early New York

Want to see how Wall Street (and New York City as a whole) has changed over time? Use this timeline and map to see Manhattan today overlaid with the precise boundaries of early land grants to the Dutch in the 1600s. Scroll through the progress of city building through the first century of European settlement there.

The Budget and Accounting Act of 1921 created the modern federal budget

Before 1921, federal funding was fragmented and ad hoc. This article traces how inefficiency and postwar pressures led Congress to pass the Budget and Accounting Act, creating a standardized, centralized federal budgeting process.

Credit reporting's earliest origins in the 1700s resemble a game of telephone, with rural merchants asking their most esteemed neighbors to vouch for them to sleuthing urban lenders

It would be decades before the system evolved into something more formulaic. For instance, New York City's Mercantile Agency—which was created to formalize information and rumors about borrowers, sorting the reports into enormous ledgers—wasn't started until 1841.

Benjamin Franklin donated the books that became the first true public library in the US

In 1778, the town of Franklin, Massachusetts—named in his honor—asked Benjamin Franklin for a bell, but he donated a book collection instead, saying "sense" was more important than "sound." Residents voted in 1790 to make the books freely available to all, creating the nation's first public library.

Few actual Stamp Act stamps survived, as colonists destroyed nearly all of them in protest

The elaborate stamp bore royal symbols and the word "America" and was printed in Britain and shipped to the colonies to be sold by government officials. Protests erupted in nearly every colony before it could take effect, often violently targeting stamp collectors.

Niagara power helped electrify early New York City

Tesla's AC system at Niagara Falls was so successful that electricity generated there lit up Broadway theaters and powered NYC's subway system in the early 1900s.

A New York fireworks ban necessitated a new way to ring in the New Year

In 1906, the city banned fireworks displays, forcing the Times Square celebration to find a new centerpiece. The Times commissioned Jacob Starr, a Ukrainian immigrant who worked for Strauss Signs, to develop an ornament. He returned with the now-iconic New Year’s ball.

JP Morgan Jr. once angered the nation with his zero-dollar tax bill

In the aftermath of the Great Depression, Congress learned that Morgan and his banking partners had avoided paying any federal income tax in 1931 and 1932. By claiming their losses in the stock market, they seemingly erased what they owed.

Fannie Mae and Freddie Mac are federal housing enterprises originally established to offer affordable housing loans to buyers

The Federal National Mortgage Association is commonly called Fannie Mae, and the Federal Home Loan Mortgage Corporation is called Freddie Mac. Since Fannie Mae’s creation in 1938 and Freddie Mac’s in 1970, they’ve become staples of the housing market.

New York City's five boroughs each function as a separate county under state law

Each of New York City's five boroughs—Manhattan, Brooklyn, Queens, the Bronx, and Staten Island—corresponds to a separate county under New York State law, forming a layered government structure that is unique among major American cities.

1970s New York was viewed by many as a city in decline

By 1975, the city owed $5B to $6B in short-term debt; over a million manufacturing jobs had left the city since the end of World War II. Meanwhile, the murder rate was more than double than 10 years earlier. Graffiti was seen as illegal vandalism perpetrated by unsupervised teenagers and was viewed by some as emblematic of the larger societal decline.

While the first exchange-traded fund (a 'basket' of different assets that can be bought and sold on a stock exchange) in the US only launched in 1993, the global ETF market has grown to more than $10T in the short time since.

Roughly 43 million US borrowers owe roughly $1.7T in student debt, the second-largest source of consumer debt behind mortgages.

The idea for the Federal Reserve was conceived in secret in 1910—with bankers donning duck hunt gear for disguise while traveling to a remote country club on Georgia's Jekyll Island

After the Boston Tea Party, colonists switched to coffee, which became the main morning drink for revolutionaries.

Trace how the Bill of Rights, inspired by centuries of political theory, took shape between 1774 and 1789.

An initial public offering or 'IPO' is the process of a private company becoming public by putting shares of the company on the stock market for purchase.

The US dollar is the most widely circulated currency in the world, and is involved in nearly 90% of global transactions

The rivalry between Alexander Hamilton and Thomas Jefferson centered on federalism—the question of how much power the federal government should hold relative to the states.

Jimmy Carter signed a 1978 bill that legalized home brewing, a move credited with kick-starting the craft beer industry.

The Nasdaq's 'Magnificent 7' companies are responsible for roughly 40% of the Nasdaq 100 index's gains, while the remaining 93 companies account for the other 60%.

When a Paris department store hesitated to sell Estée Lauder's perfume, she 'accidentally' broke a bottle, causing the smell to spread throughout the store and shoppers to start asking to buy the scent.

Despite being favored by 87% of Americans, Congress does not have term limits.

At the beginning of the 20th century, a group of young men ate standard American food—replete with food additives like borax and formaldehyde—as part of government research to better understand food safety.

Mark Twain spent decades feuding with the US Postal Service, convinced its costs and regulations were bureaucratic overreach.

Some coin denominations have ridges etched on their sides, partly to prevent counterfeiting, in a practice called 'reeding.'

'Grand Canyon of the Yellowstone,' a work by American painter Thomas Moran, inspired Congress to establish Yellowstone National Park.

Sears sold DIY house kits starting at $600 in its famous catalog from 1908 through the 1940s, resulting in roughly 10,000 'Sears and Roebuck houses' being built.

The American Society of Civil Engineers' infrastructure report card gave the US a C in 2025, its highest grade since the project launched in 1998.

Watch this video that uses Lego bricks to explain how venture capital works.

Volcanic activity may have triggered the Black Death by spewing gases that led to crop failures in Europe, thus forcing the import of grain ships with plague-infested fleas.

70 years ago today, city officials in Santa Cruz, California, banned rock 'n' roll to protect its youth from corruption after witnessing a 'provocative' concert the night before.

Long before Major League Baseball began allowing instant replay for balls and strikes, an umpire reluctantly used the technology to determine whether a hit was a home run, a move that inadvertently ushered in a new era for the sport.

The first horror movie is believed to be George Méliès' 1986 short 'The Haunted Castle,' which pioneered the use of special effects

Artificial coral reefs have been 3D printed from nontoxic, biodegradable terracotta clay, which coral polyps have used as a foundation for rebuilding marine ecosystems.

See how fireworks are made and learn how metals like magnesium and copper are responsible for different colors.