William Wilson Corcoran

William Wilson Corcoran (December 27, 1798 – February 24, 1888) was an American banker, philanthropist, and art collector. He founded the Corcoran Gallery of Art in Washington, D.C.

Corcoran was born on December 27, 1798, in Georgetown in Washington, D.C., one of 12 children (six boys and six girls), six of whom survived to maturity. His father was Thomas Corcoran, a well-to-do merchant twice elected as mayor of Georgetown, and his mother was Hannah Lemmon. Thomas was born in Ireland, settled in Georgetown in 1788, and established a leather business.

William Corcoran was raised in Georgetown, where he studied classics and mathematics at local private schools run by Alexander Kirk and the Reverend Addison Belt. He attended classes for a year at Georgetown College, and then joined the family business.

Corcoran entered business at age 17, working in dry goods store owned by two brothers and opened his own branch store two years later. The Corcoran brothers established a wholesale auction and commission business, but their ventures failed after the Panic of 1819.

He worked in another family business, and in 1828, he took control of a large amount of real estate from his father.

Corcoran was employed as a clerk at the Bank of Columbia at Georgetown branch, and then as a real estate and loan manager at the Second Bank of the United States in Washington.

In 1837, Corcoran established a brokerage firm on Pennsylvania Avenue at 15th Street. He was successful and in 1840 entered into a partnership with George Washington Riggs, a son of Elisha Riggs. The Corcoran and Riggs private banking firm enjoyed the patronage of Treasury Secretary Levi Woodbury and prospered after it re-sold to investors $5 million (~$169 million in 2024) of US Treasury notes in 1843. In 1845, it purchased the former Second Bank of the United States building located on 15th Street at New York Avenue.

In Spring 1847, Corcoran and Riggs sold to investors at home and abroad the bulk of two issues of the US Treasury Mexican War bonds; Corcoran's earnings were $1 million. In 1854, Corcoran retired from Corcoran and Riggs to focus on his investments in real estate, land grants, armaments, railroads, as well as pursue pleasure and philanthropic endeavors.