HUB OF INNOVATION
Guest Curator: Richard Sylla
Exhibit Description: Massachusetts became America’ s leading center of financial innovation in the colonial and early national eras, and Boston— with its wealthmanagement innovations— continues to be a major US financial center. Massachusetts had the first British colonial mint and coins, the first fiat paper money( a form of money used everywhere today) and the first government bonds.
After US independence, Massachusetts led the nation in forming banking corporations, and a Boston bank developed a plan that gave New England the best monetary system in America. Boston’ s 19th-century stock market facilitated New England’ s development from an economy focused on international trade to one based on modern industrial technologies— first in cotton textiles and railroads, and later in high-tech industries.
Exhibit Highlights: Despite its modest size, Massachusetts played a central role in the development of the United States. This temporary exhibit features original documents from many of the commonwealth’ s innovations— from the creation of the nation’ s first currency to the development of modern-day Boston. Visitors are also invited to explore the stories behind artifacts from the Museum’ s Massachusetts collection in a touchscreen interactive display, titled“ The Bay to the Berkshires.”
FEATURED OBJECTS
1. USS Constitution( Old Ironsides) Receipt, 1798
On loan from John E. Herzog
One of six large warships authorized by Congress under the Naval Act of 1794, the USS Constitution was built by Hartt’ s shipyard in the North End of Boston and launched in 1797. Known as“ Old Ironsides,” she won several notable battles in the War of 1812 and is today the oldest commissioned warship in the world.
2. US Bond Payable to Harvard College, 1808
John E. Herzog Collection, Museum of American Finance This $ 1,000 US bond is payable to the president and fellows of Harvard College. It is an example of a venerable institution holding early United States debt.
3. Boston American League Base-Ball Club( Red Sox) Stock Certificate, 1912
Collection of the Museum of American Finance This stock certificate for 25 shares in the Boston American League Base-Ball Club, known today as the Red Sox, was issued the year the team began playing at Fenway Park.
4. Blank Check Signed by Massachusetts Native President John F. Kennedy, 1963
Collection of the Museum of American Finance This blank check drawn on the National City Bank of New York, account # 1, was signed by President Kennedy and carried by his Secret Service detail during his fateful trip to Dallas, where he was assassinated in 1963.
5. State Street Stock Certificate, 1963
Collection of the Museum of American Finance Today one of the largest global financial custody firms, State Street’ s oldest ancestor was the Union Bank, chartered in 1792 by Massachusetts Governor John Hancock. State Street Deposit & Trust Co. was established in 1891. In 1993, it created the first exchange-traded fund in the United States, the SPDR S & P 500 Trust.
Sponsored by:
www. MoAF. org | Spring / Summer 2026 | FINANCIAL HISTORY 17