How much was a gold $20 Double Eagle worth in the late 1800s?

OMG, we live on different planets, man. Those folks who gave their kids one orange for christmas and survived the depression were absolutely frugal, that doesn't mean they were able to save money. It's really not a matter of opinion, it's statistics and fact. They used a much higher percentage of their income on day to day expenses than we do today - although at least 40% of Americans today do not have any significant savings. If people waste money on trivial things today at a higher rate in the past, which I think they might, it isn't because the want to as much as because they can. That expensive rifle your refer to was both a rarety and in some cases their everyday tool, unless they were the landowner. And that - doesn't count. Check out net worth by percentage today, then cut it in half in real dollars and you might be somewhere near 19th and early 20th century life - especially in the city where after the civil way the majority of people in the US lived.

 

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My dad was born in 1920. He told me he remembered seeing his dad sell some small farm and it was paid for in double eagles stacked on the table. I guess grand dad was what they call a 'house flipper' back then. I recently bought a well worn 1934 buffalo nickel and looked at it, thinking, my dad was a 14 year old boy when this was minted.

 

It’s not really an opinion though.

It’s just a bunch of facts put into order.

Can anyone provide any evidence that a provisioned wagon with 4 oxen did not cost around $500?

Or that lots of middle class people bought them and moved west?

 

Here's a couple of modern day stats for you. 70% of American families have less than $1000 in the bank. However, over 60% own their home - but..... most of those are mortgaged. About 37% own their houses free and clear, but that is primarily those of us who are older, so ..... I've lived a pretty long life and I can tell you that I wasn't able to save shit until I got into my 50's. Raising children, paying the mortgage, fixing the car. If you didn't strike it rich early it takes half your life or more for most people to get ahead - and that's if you are lucky, smart, talented and hard working enough to get that far. Of course, if you're born with it ..... well all the more power to ya' I guess. Me, I was and am hard working, smart, and most of all LUCKY. I didn't get sick (neither did my wife or my children), I benefitted from good friends and the ability to communicate well and that helped me be successful in a trade. It wouldn't have taken much - just a little turn here or there and instead of being well enough off I could be broke. "Most" people aren't as fortunate as I have been. I try to keep that in mind every day. And because I've been lucky I can feed my love of old coins - especially old dirty gold. haha. Bless you all. I certainly have been (blessed that is).

 

Read up - a lot of them were sponsored. They promised crops, resources, even future labor in exchange for the loans they needed to buy those oxen and wagons. And in every oxen and wagon were a whole lot of people. Friends, brothers and sisters, strangers who promised to help them establish a homestead. So you would have to consider many, if not most of those people moving west as pooling whatever wealth and promise they could to get a group of people West. And what percentage of Americans do you suppose were able and willing to do that? Yes, it was a lot people, but not so many in terms of total population. Empirical examples of a relatively small percentage of the population is not evidence that "most" people were able to save money. However, lest I be misunderstood, I am also in total awe of those who left everything they knew and took a huge risk to move West. In the end, a few made out well, but many did not. So, that is actually one of the reasons I am in awe of what they did. Were you thinking that they all made it? Even to their destinations, let alone to financial independence? Oh my.

 

BTW, were you thinking that Social Security, when it was originally passed, was something "extra?". It was passed and accepted because so many people in their later years (which in those days was people lot of people over 50 - "most" people lived by the sweat of their labor, so... can't work, no money) were INDIGENT! The country was overwhelmed with older people who couldn't support themselves. Your children were your retirement plan. Are you planning to support your parents in their old age? Whew, I am so grateful I didn't have to and I've worked like hell to be sure my kids don't have to support me - but in 19th and first half of the 20th century, that was a way of life. Mom, or Dad, or both move in with us. Savings? not so much. Got a valuable suburban house to sell.... ? not in those days. Life is better for us now. I'm grateful for that and I hope it continues ... for my sake, my children and my grandchildren. I wish everyone could save money, but I have learned that not everyone can - it's not easy to do. It takes all of those things I mentioned before - luck, talent, hard work, and I would add the environmental circumstances to access opportunity - but then I think that is part of "lucK".

 

The way you save is to pay yourself first. The way you do that is an automatic withdrawal of 10 or 15 percent from your paycheck each pay period. 401 k and IRAs have made it easier to do that. That way you don't miss the money and blow your whole check on bills and fun stuff (well you do but you have already pulled out your savings and invested in something, hopefully).

 

Around 1880 or so, a decent supper at a cafe would be about a dime. A newspaper was one cent. In 1910, a pack of Camel cigarettes cost ten cents. So no, if you're detecting and you find a gold coin, it wasn't some working stiff who dropped it. Why ever would most people have a gold coin on them in the first place? With a pocket full of nickels, dimes and pennies you were all set! Probably, it was some kid from a well-to-do family who took it out to show to his friends and then, like the chowderheaded twit he probably was, lost it in some tall grass or a weedy lot, playing baseball.

 

To be honest the main reason I wanted to know is simple:

I’m curious how much some of my coins would’ve bought back when they were in circulation.

Like if someone went to New York City for the weekend with nothing but a $20 Double Eagle could they have a good time by eating out at fancy restaurants and go to a Broadway show?

 

Do you know WHERE that lot is located ??

 

Actually, if you take the time to see the part of your post that I questioned, it was just the part where you were opining that people were more frugal and saving in those days. People have been spendthrifts throughout history.

 

That presupposes that you earn enough to pay your bills and cover any emergencies that arise - which unfortunately is not something that many Americans can do at present. I am very grateful for my 401(k), I will say that. This is kind of fun - 30 things you could buy for a dollar in 1900 - like 30lbs of laundry soap, or lots and lots of cocaine toothdrops! https://historycollection.com/30-things-you-could-buy-for-1-in-1900/11/

 

Actually a good question. I look forward to seeing what more knowledgeable people have to say.

 

Well I mean even Fiddlehead agreed with me on that one.

He said that the reason people today spend money on trivial things is because they can.

But he also said that most people today don't even have $2,000 in savings.

If they don't have $2,000 in savings and they still think they can afford to buy trivial things like iPhones & MacBooks then it just goes to show that they are spending money they cannot afford to spend.

 

You are thinking about the lowest paid and least educated of Americans.

For example single moms with no education who work at McDonalds for minimum wage.

Most Americans are not in that situation.

Most Americans are responsible, intelligent, middle class citizens. People like teachers, nurses, government employees, etc.,

However you are right that roughly 5-10% of Americans cannot afford to save money because they live paycheck to paycheck.

But the other 90-95% can definitely afford to pay themselves.

Frankly anyone who makes over $35,000/year should be able to save 20% of their after tax income no problem.

 

you funny guy...

 

I'm not sure who you're trying to troll first here, but I guess it doesn't matter; they'll all bite soon enough.

 

I’m not trolling anyone.

I’m basing my statements on what I’ve observed with my own eyes.

I’ve seen plenty of people whine about not making enough money and being unable to save money while at the same time they have an iPhone and relatively new car and all sorts of luxuries that they say they can’t afford.

I make less than $40K/year and I’m still able to put aside $1K per month in savings by not buying the newest phones or feeling the need to have my own car.

Instead I use an old used phone and take the bus to work and save $500/month from that alone.

Anyone can do it. It’s just most people don’t want to go without those luxuries.

 

I know I'm being trolled, but what you've observed with your own eyes isn't born out by statistics or reality about the financial state of Americans today. You have my admiration for your saving.

 

Please explain how it is trolling?

I trust my eyes and own experiences more than what some random statistics say.