What is the panic of 1819

The first crucial peacetime financial crisis in the US. Followed by collapse of American economy that continued through 1821

DescriptionThe Panic of 1819 was the first major peacetime financial crisis in the United States. It was followed by a general collapse of the American economy that persisted through 1821. The Panic heralded the transition of the nation from its colonial commercial status with Europe toward an independent economy.