Where Was the First Bank Established?
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The first bank in the United States was established in Philadelphia and was called the First Bank of the United States. The bank was created in 1791 to assist the government in paying down its debt accrued during the Revolutionary War, but it closed in 1811.
One main mission of the bank at the time was to establish a singular currency that could be used in all the states, as up to that time each state used its own coins and bills. The bank’s original building, Carpenters’ Hall, is considered to be the oldest building in America with a classical facade.
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