Solomon Jacobs was the second of three children born to Ashkenazi immigrants Bernard and Judica Jacobs. His father, a Yiddish-speaking peddler, served as mohel to the scattered Jewish population of what is now eastern Pennsylvania, migrating between Philadelphia and the frontier towns of Lancaster and Heidelberg (now Schaefferstown), where Solomon was born early in the Revolutionary War. In 1815, at age 38, Solomon married twenty-five-year-old Esther Nones, the daughter of Revolutionary War hero Benjamin Nones.

Following their marriage, Jacobs moved his bride to Richmond, Virginia, where they would raise their six children. He had earlier established himself in that city as an important businessman and banker. For some time, he served as an agent for the London Rothschilds. He also achieved some political success: he was twice elected to the post of recorder, the second highest elective office in Richmond, in 1815 and again in 1818, and served as acting mayor in 1818 and 1819—the highest city offices ever occupied by a Jew. Jacobs served three times as Grand Master of the Grand Lodge of freemasons in Virginia. When Lafayette visited Richmond in 1824, Jacobs along with Jacob De Leon, was among those selected to serve on the welcoming committee. He also exhibited his camaraderie with local patriots when, during the war of 1812, he volunteered with the Richmond Light Infantry Blues

Jacobs was a member of Congregation Beth Shalome and served at one point as its parnas. When he died at age 50, in 1827, he left his wife with at least four children to raise and an estate that included 11 slaves. His dear friend Joseph Marx served as guardian to his children.