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 Replies: 24 / Views: 2,508 |
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Pillar of the Community
United States
6385 Posts |
One more way to compare value is to look at the price of gold itself. A quarter eagle contains about 0.12 troy ounces of gold, which was worth (of course!) $2.50 in 1834. Remember, gold coins for circulation were made to contain the actual face value worth of precious metal. That same 0.12 oz of gold today is worth about $110 at the current spot price of slightly over $900/oz.
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Valued Member
 United States
106 Posts |
Quote:
One more way to compare value is to look at the price of gold itself. A quarter eagle contains about 0.12 troy ounces of gold, which was worth (of course!) $2.50 in 1834. Remember, gold coins for circulation were made to contain the actual face value worth of precious metal. That same 0.12 oz of gold today is worth about $110 at the current Spot Price of slightly over $900/oz. Very interesting. I wonder if people back in 1834 often used these $2.50 gold pieces often, or carried them around with them in their pockets often. |
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Pillar of the Community
Australia
2830 Posts |
I collect gold Sovereigns, and is obvious that the older ones have seen a lot of circulation. Sovs from the pre-Victorian era fetch very big premiums in the middling grades; and are only rarely encountered in the higher grades.
Peter
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Bedrock of the Community
United States
20753 Posts |
It is really almost impossible to compare values from 1834 or 1934 or any date in the past. True people could say a dollar was worth xx then and only worth xx now but there are just to many variables. For example a loaf of bread may have cost 2 cents then and that may have been fairly standard. However, today there are numerous brands of bread, made completely different, by different methods and some sell for as low as $0.39 and some sell for almost $7.00. At least by me they do. And I'm sure there are many different prices in different places. Autos sold for practically a few hundred dollars in the 30's. Now they sell for many, many thousands of dollars. However, again things are not the same. In the 30's the autos did not have one hundredth the stuff on them they do today. Again, no possible way to compare. Almost anything you can think of that was made in the past is no longer made the same today. Different materials, different manufacturing, different everything.
So what is $2.50 in 1834 compared to today?
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Bedrock of the Community
United States
20753 Posts |
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Dinner at Delmonico's in NY, which was considered one of the best in that era, was about .25 for roast beef, coffee and dessert. The same meal at a high-end steakhouse would be about $50 and up today.
You obvously have never been to Nick's Steak House in Downtown Chicago. A salad is about $25. Dressing extra. Last time I was there the bill was $250.00 for two. Then there is the tip. |
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Pillar of the Community
United States
6326 Posts |
I have a "tip" !.......You guys should go to cheaper places to eat !  Edited by eaglefoot
08/04/2008 08:16 am
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New Member
United States
16 Posts |
There's a great reference book on the purchasing power of the dollar which you can find at many libraries: The Value of a Dollar + (various subtitles).
Looking at our copy, in 1834 $2.50 could buy you:
11.9 gallons of commodity-priced whiskey in Philadelphia
1/2 of a cloth blue dress coat in Franklin Co., Indiana ($5)
10 gallery seats at the opera in NYC in 1835
5 iron shovels in Worcester, Mass
One crib, with a buck in change in Fredericksburg Co., Virginia ($1.50)
A thermometer in Greenville Co., SC, plue 12.5 cents in change ($2.375)
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Pillar of the Community
Poland
3201 Posts |
This thread made me interested in the subject - anyone knows what could you buy for 50 cents in 1853?  |
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Pillar of the Community
United States
1130 Posts |
Well, $250.00 will buy you 4 megs of RAM in 1993 Edited by 1sikevo
08/04/2008 6:32 pm
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Bedrock of the Community
United States
20753 Posts |
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This thread made me interested in the subject - anyone knows what could you buy for 50 cents in 1853?
Probably a book on comparing prices from 1753 to now. And no sales taxes on that book either. |
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Pillar of the Community
Poland
3201 Posts |
They knew in 1853 what the prices would be now? Fascinating!  Edited by DL20K
08/05/2008 08:42 am
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New Member
United States
16 Posts |
In 1853, for 50 cents you could buy:
half of a doctor's visit in Chesterfield, SC
almost a gallon of Whale Oil in NYC ($0.52)
a pattern for a black vest or two paint brushes in Greenville, SC
12.5 lbs of beef in Fredericksburg, VA
a bedpan in New Castle Co, Delaware
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Pillar of the Community
Poland
3201 Posts |
Thanks, it's good to know something more about your coins! |
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Pillar of the Community
United States
790 Posts |
I've been thinking about putting together a book for collectors for years with this premise. Someone beat me to it, sort of. I would add foreign exchange information and focus the book on historical events. Unfortunately, reality tends to interfere with plans like these.
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Rest in Peace
United States
9104 Posts |
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Very interesting. I wonder if people back in 1834 often used these $2.50 gold pieces often, or carried them around with them in their pockets often. About as often as people carry around $100 bills today. |
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Replies: 24 / Views: 2,508 |
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Posted 08/03/2008 02:21 am
