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George Peabody biography

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  • PLACE OF DEATH: London, United Kingdom
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Entrepreneur George Peabody used most of his fortune to establish museums, libraries and educational funds. He founded the Peabody Institute.

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George Peabody was born on Feb. 18, 1795, in South Danvers, Massachusetts. He worked in a dry-goods warehouse and by 1829 was a senior partner. In 1837, he moved to London and established a merchant banking house specializing in foreign exchange. A philanthropist, he supported education and establishing museums and libraries. In 1868, his birthplace was renamed Peabody in his honor.

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(born Feb. 18, 1795, South Danvers [now Peabody], Mass., U.S.—died Nov. 4, 1869, London, Eng.) American-born merchant and financier whose banking operations in England helped establish U.S. credit abroad.

When his brother's Newburyport, Mass., dry goods store burned down in 1811, Peabody went to Georgetown in Washington, D.C., to work in a wholesale dry-goods warehouse. By 1814, he had become a partner in the business, which was relocated in Baltimore, Md. By 1829 he was the senior partner of a business with branches in Philadelphia, Pa., and New York City.

He made several business trips to purchase goods in England. On one trip, he negotiated an $8,000,000 loan for the near-bankrupt state of Maryland, accepting no commission on the transaction. In 1837 he moved to London permanently and established a merchant banking house that specialized in foreign exchange.

Peabody amassed a fortune of $20,000,000 and spent most of it on philanthropic works. His Baltimore institute provided a library, art gallery, and music academy. He also funded a historical museum and library in Peabody, Mass., a natural-history museum at Yale University, and a museum of archaeology at Harvard University; and he contributed to many other colleges and historical societies. His Peabody Education Fund was endowed with $3,500,000 to promote education of Southern children of all races.

In 1862 he gave $2,500,000 for the construction of apartment settlements for London's working people. In 1868 the name of his birthplace was changed to Peabody in his honour. The following year a statue of him was erected in London.

Copyright © 1994-2011 Encyclopædia Britannica, Inc. For more information visit Britannica.com

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