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General => The Common Room => Topic started by: MysticBreeze on Monday 28 June 10 23:47 BST (UK)
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I have a Welsh will which specifies breakdown in pounds in 1845. The total value was 800 pounds. I'm wondering how much that would be in todays money? Any ideas
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In 1850, £800 0s 0d would have the same spending worth of today's £46,824.00
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In 1850, £800 0s 0d would have the same spending worth of today's £46,824.00
http://www.nationalarchives.gov.uk/currency/
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In 1840, £100 0s 0d would have the same spending worth of today's £4,410.00
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Thank you so much! :)
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Comparing values with those of today is not straightforward because they can be calculated using many different measures, and things which might be expensive now could be cheap then and vice versa. It has been suggested that the most accurate measure would be a comparison of retail price indices.
Current data is only available till 2008. In 2008, £800 0s 0d from 1845 was worth:
£64,600.00 using the retail price index
£85,000.00 using the GDP deflator
£618,000.00 using the average earnings
£909,000.00 using the per capita GDP
£2,020,000.00 using the share of GDP
http://www.measuringworth.com/ukcompare/
Stan
Stan
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£800 would have bought 64,000 pints of fairly strong beer (at 3d a pint) in London in 1845, the equivalent of around £200,000 today.
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Stan,
Thanks for that link. Most informative.
You never cease to amaze me with all the factual things you know. :)
charlotte
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You can find some interesting discussions on the value of old money in the RootsChat Reference Library:
It is interesting how the "value" of money is different according to the different comparisons (cost of housing, cost of beer and groceries, wages, etc, etc, etc)
RootsChat Reference (http://www.rootschat.com/forum/Themes/history/images/english/library.gif) (http://surname.rootschat.com/lexicon/index.php) => Lexicon (click here) (http://surname.rootschat.com/lexicon/reflib-lexicon.php?letter=V)
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If you look at http://www.rootschat.com/forum/index.php/topic,456130.msg3174740.html#msg3174740 you will see that £800 is what a shipwright's family in 1854 could live on for over ten years.
Stan