The First Bank of the United States in Philadelphia has received $22 million in federal funding to transform the site into an interactive museum.
The bank in Independence National Historical Park has been closed to the public for years. It was constructed by the US government in the 1790s during George Washington’s administration while the capital of the US was Philadelphia.
Independence National Historical Park (INHP) has secured the federal grant to open the First Bank of the United States to the public as a new museum.
New museum to open by 2026
The park and the Independence Historical Trust, its non-profit partner, aim to open the museum by the 250th anniversary of the founding of the US in 2026.
“Rehabilitating the First Bank will meet a long-held goal for INHP – it was acquired in 1956, with the establishment of the park, but has been closed to the public for many years,” said Amnesty Kochanowski, acting superintendent of Independence National Historical Park.
“The landmark building gives the park the opportunity to showcase aspects of the economy of the early republic and the role of the controversial bank.”
The bank was proposed by Alexander Hamilton, the first Secretary of Treasury, in 1790. “Our first central bank was the centerpiece of Alexander Hamilton’s financial system,” said Ron Chernow, author of Alexander Hamilton.
“It was (his) fond hope that the bank would expand the money supply, extend credit to government and business, collect revenues, make debt payments, handle foreign exchange, and provide a depository for government fund.”
“The world we live in is a product of a strong economy created by Hamilton,” said David Cowen, president and CEO of the Museum of American Finance and co-author of Alexander Hamilton on Finance, Credit, and Debt.
John Milner Architects has been chosen by the National Park Service and Independence Historical Trust to rehabilitate and reimagine the First Bank building. The firm has worked on more than 100 National Historic Landmark properties.
New York-based Local Projects will design the interactive displays and visitor experience for the new museum, while the Bedwell Company will complete the building’s rehabilitation.
