Jan. 23, 2012 at 5:02pm with 19 notes
Reblogged from hclib
hclib: What is a Dollar Worth? If you are ever wondering how we translate past prices to current dollars, the Minneapolis Federal Reserve has a great inflation calculator.  It covers 1913 to the present and if you want to go back further, there are estimates back to 1800. The photo is of ”shinplaster” - a type of emergency currency issued in the Northwest following the start of the Civil War. Issued at Minneapolis October 10th, 1862. Name of issuer is R.J.Mendenhall. Denomination is 5 cents. In 1862 inflation was 11.1%.  If we divide 677.5 (2011 CPI) by 30 (1862 CPI) and multiply that by $0.05 we get the 2011 value of the shinplaster, $1.13.  

hclib:

What is a Dollar Worth?

If you are ever wondering how we translate past prices to current dollars, the Minneapolis Federal Reserve has a great inflation calculator.  It covers 1913 to the present and if you want to go back further, there are estimates back to 1800.

The photo is of ”shinplaster” - a type of emergency currency issued in the Northwest following the start of the Civil War. Issued at Minneapolis October 10th, 1862. Name of issuer is R.J.Mendenhall. Denomination is 5 cents.

In 1862 inflation was 11.1%.  If we divide 677.5 (2011 CPI) by 30 (1862 CPI) and multiply that by $0.05 we get the 2011 value of the shinplaster, $1.13.

 

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