The origins of Black Friday's chaos and greed date back centuries, according to an expert.

As Americans rush to take advantage of Black Friday 2024 deals, many may not be aware of the dark and criminal history of the day that dates back centuries.

"According to financial adviser Bryan Kuderna, the term Black Friday originated on Sept. 24, 1869, due to a significant market crash where the stock market dropped over 20% in a single day."

The cornering of the gold market by two infamous American financiers, Jay Gould and Jim Fisk, led to a "huge financial crime" in history, resulting in widespread panic and bankruptcy for many.

"According to Kuderna, Jay Gould and Jim Fisk, during the Gilded Age, with a circulation of $20 million in gold in the US, they devised a plan to corner the market by buying up all the gold with their deep pockets."

"Kuderna stated that both individuals were extremely wealthy and had a history of questionable business practices. They then declared, "Let's seize this opportunity and purchase as much gold as possible to dominate the market.""

They required assistance from a government insider to execute their plan.

Ulysses S. Grant intended to increase the amount of gold in the economy and decrease the circulation of paper dollars, which would undermine the criminal duo's plan by lowering the price of gold.

"Kuderna stated that they befriended the president's brother-in-law and let him in on their scheme. They paid them off and requested that they try to convince the president's brother-in-law not to sell any more gold into the market."

The president refrained from releasing gold into the market for a period of time, following the advice of his brother-in-law, Abel Rathbone Corbin.

"By controlling the supply of gold and reducing it to only two individuals, the price of gold increased dramatically, according to Kuderna. At the same time, Jay Gould and his partner, Jim Fisk, took advantage of the situation and acquired as much gold as possible."

President Grant grew suspicious of his brother-in-law's involvement in the gold trade and ordered the sale of millions of dollars in gold, while Gould and Fisk were also purchasing gold.

Almost immediately, the price of gold plummeted when the government's gold was introduced to the market on Sept. 24, 1869.

The price of gold and the stock markets crash simultaneously on Black Friday, as they are flooded with gold, according to Kuderna.

The stock market crash caused widespread financial hardship, leading some to bankruptcy.

In the mid-20th century, Philadelphia marked the start of a new era of darkness associated with the term Black Friday.

"During the 1950s, between Thanksgiving and the Army-Navy football game on the following Saturday, particularly in Philadelphia where the game was played, the city was overwhelmed with football fans, tourists, and shoppers who were off for the weekend. This put a strain on the city's police department, which had to work overtime to keep up with the crowds. There were reports of shoplifting and stores being overwhelmed, and it was during this time that the term "Black Friday" began to gain popularity."

At present, retailers have replaced the term Black Friday with Big Friday, as explained by Kuderna.

"I wish that term stuck around," he said, "as it got rid of a little bit of the negativity and made it more about the sales, the excitement of the holiday season, and that we're kicking it off with a Big Friday."

The modern interpretation of Black Friday is a financial term that evolved from its dark past.

"According to Kuderna, the concept of Black Friday originated in the 1980s when major retailers' accountants would reveal their financial losses before Thanksgiving, only to experience a significant increase in sales on the Friday following the holiday. This shift from operating in the red to the black is the Black Friday we know today."

Although Black Friday has transformed into a joyous occasion marking the beginning of the holiday shopping season, Kuderna emphasized the significance of comprehending the grim past of the day.

"He emphasized the importance of knowing the origin of something to avoid repeating past mistakes, stating, "It's crucial for people to be aware of where it all started.""