A FINANCIAL REVOLUTION
Guest Curators: Richard Sylla and Mark J. Higgins
Exhibit Description: Declaring independence is more than just making a statement or even winning a war. It means becoming financially independent: having a stable national currency, accountable government spending and fair rules for people and companies to do business. Though the basics of“ modern” finance had been developed since the 1600s, Alexander Hamilton was the first to put all of the pieces together and build a new plan for a new nation. It was a financial revolution.
Exhibit Highlights: The largest of the Museum’ s exhibits,“ A Financial Revolution” brings to life the origins of the US capital markets, on the nation’ s 250th anniversary. It features hundreds of documents and objects from the Museum’ s world-class 18th century collection, many of which have never been on public display. This gallery also explores the worlds of public, private and personal finance and emphasizes the importance of the universal financial themes of budgeting, credit, risk and investment.
FEATURED OBJECTS
1. British Tax Stamp, 1765
Collection of the Museum of American Finance This is one of the smallest artifacts on display, but it had one of the largest impacts on American history. The British imposed a direct tax on the colonies to help pay for the Seven Years’ War( 1756 – 1763). The tax was highly unpopular, and“ no taxation without representation” became a common phrase among the colonists. The British backed down and repealed the Stamp Act, but they soon imposed other similar taxes. The colonists rebelled, leading to the Revolutionary War.
2. Colony of Massachusetts Bay“ King Philip” Bond, 1775
John E. Herzog Collection, Museum of American Finance This is an example of the new nation’ s first bond issue. The loan certificates were engraved by Paul Revere and feature a vignette of the Wampanoag leader Metacomet, who was known to the English as“ King Philip.” The bonds were authorized by a Massachusetts Council Act, which provided the first financing for fighting the Revolutionary War.
3. First Bank Check in the Public Domain, 1782
Collection of the Museum of American Finance The Bank of North America, chartered in Philadelphia by Congress in 1781, was the nation’ s first commercial bank. This book was created on the Bank’ s 100th anniversary in 1881, and several original documents were pressed into it. This check from one merchant to another is dated July 2, 1782. That makes it the earliest known bank check in the public domain.
4. George Washington Bond, 1792
Collection of the Museum of American Finance
Once Hamilton’ s financial plan of assumption passed Congress, bondholders turned in their state and Continental debts and received new US Treasury bonds. President George Washington owned Virginia bonds, which he swapped for this US bond. There is a direct link between this document and today’ s national debt.
5. Paul Revere’ s Bank Book, Early 1800s
John E. Herzog Collection, Museum of American Finance All of the US founders had regular jobs; Paul Revere was a silversmith and engraver. As any businessperson would do, Revere kept books for his professional and personal bank accounts. This is for his account at the Massachusetts Bank.
16 FINANCIAL HISTORY | Spring / Summer 2026 | www. MoAF. org