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Today in History: Bank of North America opens as first US central bank

1/7/2026

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Summary

Story summary

On January 7, 1782, the Bank of North America opened in Philadelphia, becoming the first chartered bank in the United States and serving as its initial de facto central bank. Chartered by the Congress of the Confederation, it played a crucial role in managing the country's monetary policy and stabilizing the emerging financial system.

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Story summary

On January 7, 1782, the Bank of North America opened in Philadelphia, becoming the first chartered bank in the United States and serving as its initial de facto central bank. Chartered by the Congress of the Confederation, it played a crucial role in managing the country's monetary policy and stabilizing the emerging financial system.