Purchasing Power of old Coins back in "the Day"??

Just curious, but could anyone recommend a website that shows the Purchasing Power of old Coins back in "the Day" when they were circulating?? As in, what would a 1809 half-cent buy? Thanks Bill

Mods, please move this post to numismatic references if needed. I thought it was a more general type of question.

 

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does that affect their value for collecting them now?

 

This isn't quite what you want, but it is a handy little tool to compute the purchasing power of the dollar. You can enter any dates you wish, 1774-2009, in any order.

For example, the purchasing power of $1,000 in 2009 is the equivalent of $27,400 in 1774.

http://www.measuringworth.com/ppowerus/

Chris

 

This goes back a little farther than you asked for, but I found it interesting all the same.

http://ancientcoinsforeducation.org/content/view/79/98/

 

Two things on this topic. One is that I'm just not sure what this has to do with coins collecting. I believe the whole topic of inflation is wearing out the rug.

That being said and as long as we are discussing it:

The concept of inflation of currency is really only useful when comparing relatively recent economic windows. Otherwise the real economy from period to period is so different that direct price comparisons are not only largely useless, but also contributes to misunderstanding and confusion about what is being compared.

For example, over the last 5 years, from 2005-2010 we have had a dramatic shift in the types of goods that people use and need. Items such as the standard television, telephone, PC computer, and types of urban and rural land usage, drug therapy, motion pictures, animation, clothing et al have dramatically changes, right under your nose with the coming into the market of hand held phone-like devices, on-line video streaming, cholesterol drugs, population movement, facebook accounts, internet phone service, electronic stock purchases and airline ticketing, the latest inexpensive artificial fabrics, hybrid automobiles, and more.

Going back 20 years, unleaded fuel, trucks, engine technology, construction costs of skyscrapers, computer systems and power, soap and detergent, antibiotics, LAP surgury, the fax, Music CDs and DVDs and a large segment of the goods and services that you use and purchase today simply weren't available, or brand new.

Going back 50 years, to 1950, people were largely tied to bowling alleys, the local diner, a much smaller selection of food stuffs, and very expensive building costs as compared to today. In healthcare, whole segments didn't exist including most cholesterol meds, hear medications and betablockers, advanced antibiotics, the MRI, and the world of materials was all metal and chome, little plastic, natural fabric clothing, heavy steal bicycles and cars, and almost no ceramics. Jet airplane service was new and expensive, resulting in limited mobility and manual typewriter was still the workhorse for newspapers (which existed in far great numbers and more profitability), and business documents.

100 years ago, in 1910, electric lighting was new and far from universal, readymade clothing off the rack was still new, the telephone was sparsely used by the average working class person, food stuff was very limited and in fact NYC was full of slaughter shops and chickens were live at the market and thereby a luxury good. Railroads were less expensive and land was cheaper and labor costs inexpensive as well. The Subway wasn't invented yet and the great railroads were gateways of commerce. There was no radios

and so on...


So comparing dollar values from 1950 to the present, you must take those values with a big lump of skepticism. The values and costs of goods going to the 1500's is nearly useless when compared to today.

This all relates to the myth that money has some absolute value. It really doesn't. Money does not measure wealth, as counter intuitive as that seems, nor can economies be well measured by money. Money is an evanescent and ephemeral object of interpretive subjective cognizance among people which has a perceived value only relative to a specific time and place.

For better comparison of economic conditions, units of consumption and production are much more reliable.

BTW - it is this evanescent and ephemeral quality of money that makes coins so interesting historically.

Ruben

 

"In 1900, you could walk into a gun shop, lay down a double Eagle and buy a fine Colt revolver...today, you still can."

 

I find it much more understandable to compare hours of labor to dinner in a good restaurant.

150 years ago wages of a dollar a 10-12 hour day were pretty good, and a decent restaurant meal might cost six bits, roughly 7-8 hours wages.

Today $15 an hour would be about the same wage level, and a decent restaurant meal goes for $50+, roughly 3-1/2 hours wages; so the price of restaurant meals has declined significantly.































All of which proves only that figures don't lie, but liars can figure!

 

ummm...

yup.

Once again, Doug is right, and that is becasue he remembers what it was like to have to buy things with reales.

 

I believe it would be more correct if one said that $1000 in 1774 is equal to $27 today Although Manhattan was purchased for was was about $24 in Wampum? What does that say about inflation?

Ruben

 

I occasionally run across prices in old novels and historical works.

For example, I am currently reading the 1945 novel "The White Tower", set in Switzerland.
A Swiss mountain guide charges 40 francs per day (US $10).

Old magazines have prices too.

 

Here is some really good info about food prices in "the day": http://www.foodtimeline.org/foodfaq5.html

 

Curio Bill asks a relevant question about an old coin and you insult his thread by asking what this has to do with coin collecting.
Then you say the whole topic of inflation is wearing out the rug and proceed to give us a irrelevant lecture on inflation which nobody wanted to hear including yourself.The topic of inflation did not start until you posted your comments.Also what does on-line streaming,facebook accounts,LAP surgery and betablockers have to do with the buying power of a 1809 half-cent?