October 1860 – June 1861 · 8 months Business activity: −14.5% There was a mild recession before the American Civil War, which began on April 12, 1861, although the recession was only limited to some areas. Zarnowitz says the data generally show a contraction occurred in this period, but it was quite mild. A financial panic was narrowly averted in 1860 by the first use of clearing house certificates between banks. Dates: the National Bureau of Economic Research's business cycle chronology. Wiki link