Second Bank of the United States
| Type | Historic building, museum |
|---|---|
| Address | 420 Chestnut Street |
| Map | View on Google Maps |
| Neighborhood | Old City |
| Phone | (215) 965-2305 |
| Website | Official site |
| Established | 1824 |
| Founder | United States Congress |
| Owner | National Park Service |
| Hours | Wed-Sun 11:00 AM - 5:00 PM |
| Products | Portrait gallery, historic site |
| Status | Museum |
The Second Bank of the United States stands at 420 Chestnut Street in Old City. It's one of America's finest examples of Greek Revival architecture. Built between 1818 and 1824 to house the nation's central bank, the building now operates as a portrait gallery run by the National Park Service as part of Independence National Historical Park. The gallery displays 185 portraits of notable early Americans, including many Founding Fathers who sat for these paintings while still alive.[1]
William Strickland designed the building, modeling it after the Parthenon in Athens with massive Doric columns on both its north and south facades. During the 1820s and 1830s, the Second Bank sat at the center of America's most powerful financial institution and became caught up in one of the era's biggest political fights. President Andrew Jackson viewed the Bank as a threat to democracy and waged what became known as the "Bank War" against it.[2]
History
The First Bank of the United States
Before there was a Second Bank, there was the First Bank of the United States (1791-1811). Alexander Hamilton established it as part of his economic program. Located nearby at 3rd and Chestnut Streets, the First Bank's charter expired in 1811. The end came amid heated debate over federal power and state banking interests.
Establishment of the Second Bank
The War of 1812 left the nation's finances in chaos. Congress stepped in and chartered the Second Bank of the United States in 1816. The Bank was designed to accomplish several key functions:
- Regulate the nation's money supply
- Serve as fiscal agent for the federal government
- Provide a stable national currency
- Restrain the lending practices of state-chartered banks
Philadelphia got the honor of housing the Bank's headquarters. The city was America's financial center, after all.
Nicholas Biddle
Nicholas Biddle (1786-1844) took over as president from 1823 to 1836. He wasn't your typical banker. A Philadelphia aristocrat with scholarly interests, Biddle transformed the institution into a sophisticated central bank and managed it with considerable skill. He kept the nation's finances stable during some turbulent years.
Then his influence became a problem. The Bank's power attracted political enemies, especially President Andrew Jackson.
The Bank War
Andrew Jackson hated the Second Bank. He called it unconstitutional, undemocratic, and a tool of wealthy Eastern elites. In 1832, he vetoed a bill to renew the Bank's charter. His message was blunt:
"The bank is trying to kill me, but I will kill it."
Jackson moved federal deposits out of the Bank in 1833. The charter expired in 1836. The institution didn't survive much longer as a state-chartered bank either. It failed in 1841.
After the Bank
What happens to a prestigious building when the institution it housed collapses? It finds new purposes. The building served several roles over the decades:
- U.S. Custom House (1844-1935)
- Carl Schurz Memorial Foundation (1930s)
- National Park Service museum (1974-present)
Architecture
Greek Revival Masterpiece
The Second Bank is considered William Strickland's greatest work. It's one of the most important Greek Revival buildings in America.
Exterior
- Style: Greek Revival, modeled on the Parthenon
- Columns: Eight massive Doric columns on north and south facades
- Material: Pennsylvania marble
- Dimensions: 121 feet wide, 80 feet deep
The building changed American design forever. Its temple-front approach was revolutionary and established Greek Revival as the dominant style for public buildings throughout the antebellum period.
Interior
- Banking Hall: Grand central space with marble columns
- Vaults: Original iron vault doors still in place
- Restoration: Interior adapted for museum use while preserving original features
William Strickland (1788-1854)
Strickland ranks among the most influential architects in early American history. He studied under Benjamin Henry Latrobe and went on to design some of the nation's most important buildings:
- The Second Bank of the United States
- The Philadelphia Merchants' Exchange
- The Tennessee State Capitol
- The First Presbyterian Church of Nashville
The Portrait Gallery
Collection
Today the Second Bank houses the People of Independence portrait gallery. It features 185 paintings of notable figures from the Revolutionary and early national periods.
Highlights
- George Washington by Charles Willson Peale (painted from life)
- Thomas Jefferson by Charles Willson Peale
- Benjamin Franklin by Charles Willson Peale
- Marquis de Lafayette by Thomas Sully
- Portraits of nearly all signers of the Declaration of Independence
Artists
Charles Willson Peale (1741-1827) and his family painted many of these portraits. They ran a portrait studio and museum in Philadelphia. The fact that Peale painted many Founders from life makes these portraits invaluable. They're historical documents, not idealized imaginings.
Significance
This collection offers something rare. You get to see authentic likenesses of the Founders. These aren't idealized images created after they died. They're portraits painted when these people were alive and active, making them far more valuable as historical records.
Visiting the Second Bank
Hours
- Wednesday-Sunday: 11:00 AM - 5:00 PM
- Closed: Monday, Tuesday, and major holidays
Admission
Free admission
The gallery's part of Independence National Historical Park. The public can visit at no charge.
What to See
- Portrait Gallery: Browse the collection of Founding Fathers and early American leaders
- Banking Hall: Walk through the grand interior space
- Architecture: Study the Greek Revival details up close
- Temporary Exhibits: Check out rotating displays on American history
Getting There
- SEPTA Market-Frankford Line: 5th Street Station (1 block away)
- SEPTA Bus: Routes 5, 17, 21, 42
- Walking: Right next to Independence Hall and Carpenters' Hall
Nearby Attractions
- Independence Hall (adjacent)
- Carpenters' Hall (adjacent)
- Library Hall (across the street)
- Philosophical Hall (across the street)
See Also
- Independence Hall
- First Bank of the United States
- Old City, Philadelphia
- Architecture in Philadelphia
- Banking in Philadelphia
References
- ↑ "Second Bank of the United States Portrait Gallery". National Park Service. Retrieved December 30, 2025
- ↑ "Second Bank of the United States". Encyclopedia of Greater Philadelphia. Retrieved December 30, 2025