The first recorded currency premium — 3 percent — emerged on October 31. According to [Harvard economist A.P.] Andrew, “money brokers advertised regularly in the daily press the purchase and sale of currency.” A person wanting cash on October 31 had to present a certified check for $103 to acquire $100 in currency from a money broker. The premium reached a peak of 4 percent several times during the first half of December and then dwindled to less than 1 percent before disappearing December 31, 1907.
That is from William Silber’s When Washington Shut Down Wall Street.