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Author Topic: Probate Value  (Read 597 times)

Offline ostrauts

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Probate Value
« on: Monday 02 January 17 23:58 GMT (UK) »
Hi All,

Firstly let me wish all fellow rootchatters a happy new year for 2017.

I'm hope someone can help me with this one.  My 2x great grandfather died in 1883 and his probate states he left the value of £186 in his will.  And I would like to know what would that be valued at in today's money.

Many thanks,
Stuart

Offline candleflame

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Re: Probate Value
« Reply #1 on: Tuesday 03 January 17 00:03 GMT (UK) »
I can't attach it, but Google moneysorter.co uk and you get the uk inflation calculator. You just type in the year and the amount . It's £15812.00.
North East of England

Offline ostrauts

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Re: Probate Value
« Reply #2 on: Tuesday 03 January 17 00:06 GMT (UK) »
Many thanks Candleflame.

Offline Guy Etchells

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Re: Probate Value
« Reply #3 on: Tuesday 03 January 17 08:59 GMT (UK) »
Quote from: ostrauts on Monday 02 January 17 23:58 GMT (UK)
Hi All,

Firstly let me wish all fellow rootchatters a happy new year for 2017.

I'm hope someone can help me with this one.  My 2x great grandfather died in 1883 and his probate states he left the value of £186 in his will.  And I would like to know what would that be valued at in today's money.

Many thanks,
Stuart

This question comes up a lot and there is no correct figure as it can vary by huge amounts depending on what criteria is used.
You could simply have a table covered in cash amounts a throw a dart onto it and that would produce an equally valid result.

For example one such site calculates the following for £186 in 1886 and in 1971

historic standard of living value of that income or wealth is £1,211   0s   0d
labour earnings of that income or wealth is £3,642   0s   0d
economic status value of that income or wealth is £5,042   0s   0d
economic power value of that income or wealth is £7,912   0s   0d

Another values £186 in 1901 as £20,643.67 in 2016

Just choose a figure you are happy with.
Cheers
Guy
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Offline stanmapstone

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Re: Probate Value
« Reply #4 on: Tuesday 03 January 17 09:02 GMT (UK) »
The British Association for Local History produce a booklet called "How Much is that Worth?" by Lionel Mumby. In the introduction it says "No single precise, numerical answer is possible to the question: what is the modern value of a given sum of money at a particular time in the past? We do know the monetary price of many distinct items at specific times, but we cannot easily generalise from these prices."

This has been asked many times before see Value of old Money in the RootsChat Reference Library http://surname.rootschat.com/lexicon/reflib-lexicon.php?letter=V&lang=EN&input_form=0

Stan
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