Origins & Early Life

Joseph Seligman (November 22, 1819 – April 25, 1880) was an American banker and businessman who founded J. & W. Seligman & Co. He was the patriarch of what became known as the Seligman family in the United States and related to the wealthy Guggenheim family through Peggy Guggenheim's mother Florette.

Pivotal Works & Achievements

Born in Baiersdorf, Kingdom of Bavaria, Seligman was of Jewish ancestry. As a small child, he worked in his mother's dry goods shop. In the early 19th century Germany consisted of many independent states, most of which issued their own, differing coinages; young Joseph made a profit at his mother's shop changing money for travelers for a small fee. Joseph's father wanted him to enter the family wool business, but circumstances made this difficult. In particular, migration of the peasant class (Seligman's father's customers) from rural to urban areas meant a loss of job opportunities and a shrinking economic base in Baiersdorf.

Enduring Legacy & Impact

At fourteen Seligman attended the University of Erlangen. At seventeen he boarded a steamer at Bremen and sailed to America. Arriving in the United States at age 18, Seligman initially settled in Mauch Chunk, Pennsylvania...

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