(, Washington Territory farm land and buildings averaged $6 per acre in 1860. If this number holds, $25 today will be equivalent in buying power to $26.60 next year. (. Imported singing birds cost between $1.00 and $8.00 depending on sex and breed. CPI is the weighted combination of many categories of spending that are tracked by the government. This table spans pages 104-105 in the book and 1860s rent data falls on, Real estate catalog briefly describes land for sale, with asking prices. Disappointed by the lack of clear resources on the impacts of inflation on economic indicators, Ian believes this website serves as a valuable public tool. Annual Rate, the Bureau of Labor Statistics CPI. "75 Years of American Finance: A Graphic Presentation 1861-1935" 1.). The list was to be in effect only for the months of December 1863 and January 1864. "The maximum price that will be paid by the United States is: for artificial legs, $75.00; for artificial arms, $50.00 for artificial feet, $50.00. The 1860 inflation rate is lower compared to the average inflation rate of 2.22% per year between 1860 and 2023. Figures shown are in Kronor, but conversion rates for shillings and dollars are included. This chart shows a calculation of buying power equivalence for $25 in 1860 (price index tracking began in 1635). Source: Links to government documents and primary sources listing retail prices for products and services, as well as wages for common occupations. Compare these numbers to the US's overall absolute change of $455.58 and total percent change of 3,504.46%. $13 in 1863 is equivalent in purchasing power to about $292.72 today, an increase of $279.72 over 159 years. for $1,200 in New York, or for $400 to $500 Annual Rate, the Bureau of Labor Statistics CPI. By calculating the value in 1860 dollars, the chart below shows how $300 is worth less over 163 years. Sewing machines -- SEE under "Clothing" tab above, Sewing machines for home use - Prices, 1860s, Horses, mules and farm animals - Average prices, 1867-1920, "75 Years of American Finance: A Graphic Presentation 1861-1935", https://libraryguides.missouri.edu/pricesandwages, Unskilled occupations - Average daily wages, 1840-1891, Wages for four common occupations in 1860, by state, number of people in each state/territory working in each occupation, Government salaries, federal and state ca. Land was generally $5-15 per acre. According to the Bureau of Labor Statistics, each of these USD amounts below is equal in terms of what it could buy at the time: This conversion table shows various other 1860 amounts in today's dollars, based on the 3,504.46% change in prices: Inflation can also vary widely by country. The dollar had an average inflation rate of 2.13% per year between 1862 and today, producing a cumulative price increase of 2,862.08%. Gives price range, per acre, for land in Hopkins, Ellis, Navarro, Dallas, Hardin, Cherokee, Houston, Trinity, Falls, McLennan, Bell, Williamson, Washington, De Witt, Goliad, and Cameron counties. Purchasing power is represented in its equivalence in horses, wheat, the yearly wages of a skilled tradesperson, and others. This effect explains how inflation erodes the value of a dollar over time. This means that today's prices are 36.04 times as high as average prices since 1860, according to the Bureau of Labor Statistics consumer price index. 92-93. A laborer could earn $2 per day; a plasterer could earn $5.50 per day. All wage data is cited back to the original government source through report numbers;see the key to report numbers here. 175-179. For example, if you started with $1, you would need to end with $29.62 in order to "adjust" for inflation (sometimes refered to as "beating inflation"). The dollar had an average inflation rate of 2.13% per year between 1862 and today, producing a cumulative price increase of 2,862.08%. While some made $2perweek,talented painters could earn up to $5per week. For comparison, in the UK 1.00 in 1800 would be equivalent to 107.17 in 2023, an absolute change of 106.17 and a cumulative change of 10,616.68%. further westinthe Fall of1866. on pp. The current inflation rate page gives more detail on the latest inflation rates. Clothing expenses not included. Shows how much families in New England towns spent on food, provisions and rent, broken out by family size, for up to seven children. See prices it paid in an appendix of. Source: Shows the price of land by acre in NJ, NY, PA, DE, CT, RI, MA over an 17 year period. In other words, a dollar will pay for fewer items at the store. Current value of 100 CAD in NFTS is 1,051.18 NFTS. Commercial catalog shows prices for coal-burning parlor furnaces, heat radiators, and cook stoves. 1867, Real estate catalog listings in New York, 1866, Prices of building materials and construction labor in New York, 1869, Land prices and farm rent in Ohio, 1869-1870, Ohio farm real estate value by county, 1850-1982, Real estate catalog listings in Ohio, 1866, Land prices and farm rent in Oregon, 1869-1870, Oregon farm real estate values by county, 1850-1982, Land prices and farm rent in Pennsylvania, 1869-1870, Pennsylvania farm real estate values by county, 1850-1982, Land prices - Northeast US, 1860 and 1867, Rhode Island farm real estate values by county, 1850-1982, Real estate catalog listings in South Carolina, 1866, Land prices and farm rent in South Carolina, 1869-1870, South Carolina farm real estate values by county, 1850-1982, Tenement rent - South Carolina, 1867-1874, Land prices and farm rent in Tennessee, 1869-1870, Tennessee farm real estate values by county, 1850-1982, Real estate catalog listings in Tennessee, 1866, Land prices and farm rent in Texas, 1869-1870, Texas farm real estate values by county, 1850-1982, Land prices and farm rent in Virginia, 1869-1870, Real estate catalog listings in Virginia, 1866, Virginia farm real estate values by county, 1850-1982, Vermont farm real estate values by county, 1850-1982, Land prices and farm rent in Washington Territory, 1869-1870, Washington Territory farm real estate values, 1850-1982, Land prices and farm rent in Wisconsin, 1869-1870, Wisconsin farm real estate values by county, 1850-1982, Land prices by county in West Virginia, late 1860s, Land prices and farm rent in West Virginia, 1869-1870, Farm real estate values by county in West Virginia, 1850-1982, Timber land prices in West Virginia, 1866, Prices of farm implements, machinery and tools, 1860, Cook stove, heat radiator and furnace prices - 1868, Men's boot prices by city/town, 1850s-1870s, Prices of cows, calves, sheep, lambs and hogs, 1860-1863, Farm animal prices in western states, 1867, Farm animal prices by state and county - 1869-1870, Horse and mule prices in Virginia, 1863-1864, Cost to send a letter by Pony Express, 1860-1861, Postage rates for letters mailed in the U.S., 1792-1863, Cost to mail a letter from US to foreign countries, 1865, Medical colleges in the United States - Fees for the 1861-1862 session, University of the Pacific (San Francisco), College of Physicians and Surgeons at Columbia College, New York Medical College and Charity Hospital, Cincinnati College of Medicine and Surgery, Photographs - Cost to have a portrait made, 1862, Chess figures and playing cards - Retail prices, 1864, Medicine and other drug store item prices, 1867, Opium - Prices paid by federal government, 1840-1891, Sir James Clarke's Celebrated Female Pills, Madame Boivin Celebrated Silver-Coated Female Pills, Dr. Young's French Lunar or Female Monthly Pills, Artificial arms, legs, feet, etc. Source: This is a "Prices Current" column from the Shreveport Daily News. Source: Report from the Special Commissioner of the Revenue, U.S. Dept of Treasury. ), Dentistry - False teeth prices in Iowa, 1864, Cost of dying - Funeral services in New York, early 1860s, Family expenditures in manufacturing towns, 1860 and 1867, Consumer expenditures in Massachusetts and Great Britain, 1875 and 1883, Wholesale prices by month in the New York market, 1860-1863, Wholesale prices by month in San Francisco, 1863, Wholesale prices in Shreveport, Louisiana, 1861, Australia (Melbourne only) - Prices, 1873, Belgium - Working class family expenses, 1853 and 1867, India - Salt retail price, annual averages for 1861-1890, Spain - Price of bread in 1860 compared to 1910, Great Britain - Prices as compared to Massachusetts, 1860-1883, Prices paid for food, candles and coal at Greenwich Hospital, 1860 and 1865, Home construction costs - England, ca. Similarly How much was 1 million dollars worth in the 1800s? Since prices change often, it is recommended you come back to this page again to check the updated conversion value again. Source: 12th Annual Report of the State Superintendent of Public Instruction, pp. Source: McCormick's Oregon and California Almanac. Discussed in. That might tell us what the dollars were worth. Comparative cost of provisions, groceries, domestic dry goods, house rent, etc. in2013dollars.com is a reference website maintained by the Official Data Foundation. The author,Virginia Penny,collecteddata during1859-1863by visiting establishments in and around NYC, Mass. Compares wages in MA to that of Great Britain (abbreviated G.B. Source:University of North Texas Libraries, UNT Digital Library,Special Collections. Source: Bureau of Labor and Industrial Statistics of Michigan, pp. by OCCUPATION The 1860 Census showed average wages for farm hands, day laborers, carpenters and female domestic workers. The U.S. CPI was 8.3 in the year 1860 and 299.17 in 2023: $13 in 1860 has the same "purchasing power" or "buying power" as $468.58 in 2023. A dollar today only buys 2.841% of what it could buy back then. More . Ian Webster is an engineer and data expert based in San Mateo, California. The U.S. CPI was 8.3 in the year 1859 and 8.3 in 1860: $1 in 1859 has the same "purchasing power" or "buying power" as $1 in 1860. 7 1. Source: "Miscellaneous occupations" in. As listed in the American Almanac and Repository of Useful Knowledge published in 1830. By calculating the value in 1860 dollars, the chart below shows how $25 is worth less over 163 years. In 1860, slaves represented about 16 percent of the total household assetsthat is, all the wealthin the entire country, which in today's terms is a stunning $10 trillion. He has worked for Google, NASA, and consulted for governments around the world on data pipelines and data analysis. How much was 40000 dollars worth in 1860? Newspaper advertisement shows reduced fares: $19 to Philadelphia; $20 to New York City; $23 to Boston. Disappointed by the lack of clear resources on the impacts of inflation on economic indicators, Ian believes this website serves as a valuable public tool. Shows average rent for 4-room or 6-room tenements. See tabs above for additional price categories. Congress appropriated funds to help Union solider amputees obtain prostheses. This effect explains how inflation erodes the value of a dollar over time. $1 in 1862 is equivalent in purchasing power to about $29.62 today, an increase of $28.62 over 161 years. This chart shows a calculation of buying power equivalence for $100 in 1860 (price index tracking began in 1635). Richmond daily Whig. Compare these values to the overall average of 2.13% per year: The graph below compares inflation in categories of goods over time. The cost to send a telegram was discussed in Congress on May 22, 1860 (p. 2252, col. TThis table shows the average retail price for families of dry goods including denim, flannel, cotton, and more in New Jersey. Compare these values to the overall average of 0.00% per year: For all these visualizations, it's important to note that not all categories may have been tracked since 1859. Compare these values to the overall average of 2.22% per year: The graph below compares inflation in categories of goods over time. According to the Bureau of Labor Statistics, each of these USD amounts below is equal in terms of what it could buy at the time: This conversion table shows various other 1856 amounts in today's dollars, based on the 3,419.65% change in prices: Inflation can also vary widely by country. This table and charts use the earliest available data for each category. How to calculate inflation rate for $13 since 1860 Our calculations use the following inflation rate formula to calculate the change in value between 1860 and today: CPI today CPI in 1860 1860 USD value = Today's value Then plug in historical CPI values. If this number holds, $13 today will be equivalent in buying power to $13.83 next year. The wholesale price more than tripled during the Civil War, from $4.75 per pound in January 1861 to $17.25 in October 1864. The current inflation rate page gives more detail on the latest inflation rates. Please cite as follows: Eric W. Nye, Pounds Sterling to Dollars: Historical Conversion of Currency, accessed , https://www.uwyo.edu/numimage/currency.htm. Breaking down these categories helps explain the main drivers behind price changes. The US dollar experienced two percent inflation on average in 2010. Shows average yearly salaries (besides room and board) for servants, the value of tenement laborers entire pay (including wages and provisions), summer and winter wages per day, and the wages earned in 300 days in Sweden for the years 1866-1900. Data collected in the winter of 1869-1870. Verenigde Staten. Page 27 details the price of hay, potatoes, beans, and other farm products in North Penobscot, Maine following the end of the Civil War. Tables extend from page 14-28 in this source. This effect explains how inflation erodes the value of a dollar over time. Table shows the price of hogs per the 100 pounds for each of these years: 1830, 1832, 1835, 1838, 1840, 1845, 1847, 1850, 1853, 1855, 1858, 1860, 1862. For comparison, in the UK 100.00 in 1860 would be equivalent to 15,556.47 in 2023, an absolute change of 15,456.47 and a cumulative change of 15,456.47%. Shows prices for food, soap, firewood and coal. During the industrial revolution Eurasia used steam power, coal, and water for sources of energy. This table spans pages 104-105 in the book and 1860s rent data falls on, Real estate catalog lists prairie land in Kansas for $2.50 an acre. The current inflation rate page gives more detail on the latest inflation rates. Source: Ohio Commissioner of Statistics. For example, if you started with $13, you would need to end with $468.58 in order to "adjust" for inflation (sometimes refered to as "beating inflation"). 44-90. in the tables. Use the form on this page to perform your own inflation calculation for any year. In the 1860s, the American Express Company was in the business of discreetly shipping valuable goods, jewelry, bank-notes, gold, silver over railroads or other rapid means of conveyance.