America’s first-ever bank heist went down on this day in 1798. The culprits absconded with just under $163,000 in cash from the Bank of Pennsylvania, equivalent to $4.4 million today. There were no signs that it was a break-in, suggesting someone with access to the bank was in on it. It took some smarts — which is why it was so surprising to people when the thief got caught in a supremely dumb way.
Isaac Davis, a member of the guild that owned the bank building, had collaborated with employee Thomas Cunningham to acquire a forged key to the vault. Cunningham let Davis in overnight, and they walked out with the cash. It was a simple crime, and a hard one to pin on any given suspect. Davis, however, was not a wise man; he started depositing the money he’d lifted in different accounts around the area, including one at the same bank he’d stolen from.
Tracing illicit money was far less of an art form than it is nowadays, but even then, it was pretty obvious that the same bills that had left the vault were now coming in, especially when the depositor was a guy who had suddenly gone from rags to riches without explanation.
Davis fessed up and was pardoned through a case of classic corruption. His uncle, a famous judge, convinced the governor to pardon him on the condition that he hand over the cash he’d stolen. Cunningham was less fortunate, having died of yellow fever a few days after the heist.
