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Q: Wealth Comparison Through the Years ( Answered ,   1 Comment )
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 Subject: Wealth Comparison Through the Years Category: Miscellaneous Asked by: joearchivist-ga List Price: \$25.00 Posted: 21 Jul 2004 13:20 PDT Expires: 20 Aug 2004 13:20 PDT Question ID: 377279
 ```I am trying to conduct some intertemporal wealth comparisons. Basically, I would like to find out what a dollar in any given year would be worth today. For example, if someone earned \$5,000 in 1920, what is that in 2004 dollars? The period in question would be from the 1890s to the present. Is there a website or other resource like the Department of Labor which has a conversion chart?```
 ```Hi joearchivist, The following is the result of my research for online databases that calculate and compare the value of the dollar between today and in past years. -How Much Is That Worth Today?- "Comparing the purchasing power of money in the United States (or colonies) from 1665 to 2003. To determine the value of an amount of money in one year compared to another, enter the values in the appropriate places below. For example, you may want to know: How much money would you need today to have the same "purchasing power" of \$500 in year 1970 If you entered these values in the correct places, you will find that the answer is \$2,290.12 You can make this computation among all the years between 1665 and 2003." How much money in the year ---- has the same "purchasing power" as \$ ---- in the year ----? I entered the following data as an example: How much money in the year 2003 has the same "purchasing power" as \$1000 in the year 1890? The result is: \$20189.36 in the year 2003 has the same "purchase power" as \$1000 in the year 1890. Economic History Services http://eh.net/hmit/ppowerusd/ ============================================= -What is a Dollar Worth?- Directions: Enter years as 4 digits (i.e. 1913) through 2004. Enter dollar amount without commas or \$ sign in box on first line. Click Calculate button to compute dollar amount shown on second line. If in ----(year) I bought goods or services for \$ ---- , then in ----(year) the same goods or services would cost \$ ---- Notes: *Limited to years from 1913 to 2004. *Data from consumer price indexes for all major expenditure class items. *An estimate for 2004 is based on the change in the CPI from first quarter 2003 to first quarter 2004. Federal Reserve Bank of Minneapolis: CPI Calculator http://www.minneapolisfed.org/Research/data/us/calc/ ============================================= -The Inflation Calculator- The following form adjusts any given amount of money for inflation, according to the Consumer Price Index, from 1800 to 2003. I entered the following as an example Enter the amount of money: \$1000 Enter the initial year (1800-2003): 1850 Enter the final year (1800-2003): 2003 The result: What cost \$1000 in 1850 would cost \$21109.69 in 2003. Also, if you were to buy exactly the same products in 2003 and 1850, they would cost you \$1000 and \$47.37 respectively. The Inflation Calculator http://www.westegg.com/inflation/ ============================================= -Inflation Calculator- For the years 1913 - 2004. \$ ---- in ---- (year) has the same buying power as \$ ---- in ----(year). Bureau of Labor Statistics: Consumer Price Indexes http://www.bls.gov/cpi/ ============================================= Some directories you may find useful: Current Value of Old Money http://www.ex.ac.uk/~RDavies/arian/current/howmuch.html Duke University Library: Reference Resources - Calculators http://www.lib.duke.edu/reference/virtual/calculat.htm Search criteria: dollar any given year worth today I hope the information provided is helpful. If you have any questions regarding my answer please don?t hesitate to ask before rating it. Best regards, Rainbow```
 joearchivist-ga rated this answer: `Excellent!! Thanks very much.`
 ```Any calculation will have a small error as the purchasing power of the dollar is in comodities and services; but how much of which services and comodities? Shoeing 6 horses. Ten miners type carbide lamps. One hour of piano instruction. Baby sitting service from 9pm to 2 am July 4 to July 5th. 25 washboards of the same size. One acre of Florida swampland at the west end of the Buchman Bridge just South of Jacksonville, Florida which is now occupied by the Interstate 295 meridium. Obviously many items in common use in recent years had not been invented in 1890 and surounding conditions have modified the value as well as inflation. Neil```