1821 costs

[Phil Coffins]

Reading a scholarly work that is un published has bought to my attention some interesting tidbits. The manuscript has many footnotes and references.
In 1821 at Fort Atkinson (just north of present day Omaha Nebraska) the post sutler had approval to sell these items at these prices.

Powder @ .75 a pound
Lead @ .12 1/2 a pound
Tobacco @ .25 a pound
Sugar @ .26 a pound
Coffee @ .50 a pound
Molasses @ $1.31 a gallon
Pepper @ .50 a pound

In the text I found where a soldier was court marshaled for selling another soldier a gallon of whiskey for twenty dollars! That shows the value placed on spiritus drink on the farthest post in the west.
An internet search will give you a good insight on the importance of this fort at the time.

 

[Phil Coffins]

At that post each soldier was issued one gill (four once’s) of whiskey per day. If he took extra duty like making bricks or sawing lumber he would be paid fifteen cents a day. $20 was a lot of money.

 

[Rock Home Isle]

Different times…$20.00 gold piece was $20.00

 

[Old Hawkeye]

Different times…$20.00 gold piece was $20.00

Today! $20 bill is $20.

 

[Rock Home Isle]

Today! $20 bill is $20.

In 1950 money…today’s $20.00 has the buying power of 60 cents. In 1821 money, today’s $20.00 bill has the buying power of around 11 to 12 cents…but I think that calculation might be in error, so probably less.

 

[Rock Home Isle]

Long time ago, I recall a local area store, Jax Surplus…selling firearms, like Ruger revolvers for $8.60…trick was, you had to pay in Silver currency. This was at a time when a brand new Ruger was around $185.00.

Lot’s people were cleaning out their change jars and buying firearms. They did a bang up business for about 2 weeks.

I suspect we’ll be back on the gold standard in the near future…

 

[Major Dorman]

That $20 gold piece will cost you $1688 today.

 

[Rock Home Isle]

That $20 gold piece will cost you $1688 today.

So what your sayin is $20.00 today…ain’t $20.00. Sounds like inflation to me…

 

[Old Hawkeye]

In 1950 money…today’s $20.00 has the buying power of 60 cents. In 1821 money, today’s $20.00 bill has the buying power of around 11 to 12 cents…but I think that calculation might be in error, so probably less.

$20 bill is $20 regardless if it is devalued or not. Your original statement of "$20 gold piece was $20" is exactly the same. The only difference is $20 doesn't always buy as much stuff as it did in the past, but $20 is still $20 not some other denomination. In other words, even if what $20 will buy at any moment in time changes, it's still $20.

 

[LME]

In 1972 I bought a colt revolver brand new, not a pawned pistol, in a pawn shop for $200.00! I wish I had bought everyone in the store with what a Colt sells for now?

 

[Kansas Jake]

LME, $200 was still a pretty good amount of disposable cash for many of us in 1972. My wife and I were living on about $400 a month back then while I was going to college. It would been just as hard to come up with $200 then as coming up with a Colt snake gun price today.

 

[springfield art]

Reading a scholarly work that is un published has bought to my attention some interesting tidbits. The manuscript has many footnotes and references.
In 1821 at Fort Atkinson (just north of present day Omaha Nebraska) the post sutler had approval to sell these items at these prices.

Powder @ .75 a pound
Lead @ .12 1/2 a pound
Tobacco @ .25 a pound
Sugar @ .26 a pound
Coffee @ .50 a pound
Molasses @ $1.31 a gallon
Pepper @ .50 a pound

In the text I found where a soldier was court marshaled for selling another soldier a gallon of whiskey for twenty dollars! That shows the value placed on spiritus drink on the farthest post in the west.
An internet search will give you a good insight on the importance of this fort at the time.

Great! Plus looking at the prevailing wages at the time really put it into context. When guys were making 50 cents or a dollar a day, "do the math". Very interesting, thanks.

 

[springfield art]

LME, $200 was still a pretty good amount of disposable cash for many of us in 1972. My wife and I were living on about $400 a month back then while I was going to college. It would been just as hard to come up with $200 then as coming up with a Colt snake gun price today.

Excellent point. When I look back at the relative "cost" of guns & such that I was buying in the 70's, I think, holy cow!

 

[LME]

LME, $200 was still a pretty good amount of disposable cash for many of us in 1972. My wife and I were living on about $400 a month back then while I was going to college. It would been just as hard to come up with $200 then as coming up with a Colt snake gun price today.

I should have mentioned what a Colt sells for now? You would have to morgage the farm to buy one now.
I had to edit my post the Colt was $100.00 not $200.00!

 

[Rock Home Isle]

$20 bill is $20 regardless if it is devalued or not. Your original statement of "$20 gold piece was $20" is exactly the same. The only difference is $20 doesn't always buy as much stuff as it did in the past, but $20 is still $20 not some other denomination. In other words, even if what $20 will buy at any moment in time changes, it's still $20.

I am so sorry, I really assumed that you grasped the point of this thread; that point being how prices have devalued over time. Go back and reread the OP’s opening post…it’s Econ 101. I never meant to take you out of your comfort zone. My statement concerning the $20.00, goes along the lines of…”Back when a dollar was a dollar.” I’m sure you’ve heard it before…

I’ve enjoyed your presence here on this site, I’ve enjoyed your posts and I suggest we go back to being friends.

 

[Old Hawkeye]

I am so sorry, I really assumed that you grasped the point of this thread; that point being how prices have devalued over time. Go back and reread the OP’s opening post…it’s Econ 101. I never meant to take you out of your comfort zone.

I’ve enjoyed your presence here on this site, I’ve enjoyed your posts and I suggest we go back to being friends.

Nothing to be sorry about. It's just a matter of schematics & what words mean. No ill intent or bad feelings what so ever. Lighten up, it's just a discussion. If you want to state the obvious, that our dollar has been devalued, saying that a $20 dollar gold piece was $20 is meaningless. That's all I'm saying.

 

[Packrat]

Inflation nasty word. My personnel feeling is the Government should have de-valued the dollar a long time ago.
In the 1970 I was making $5000.00 a year. I had a home, a car, three children, and some extra spending money. By the time I retired I was making $100,000.00 a year, still had a home, a car three children and less spending money, why? because I payed more in taxes. IMO the only one who makes out in inflation is the government since they get to tax us at higher rates as our income increases but our buying power is lessened
I could be wrong but I don't see buying a car for $3500.00 in 1970's and basically buying a car today for $35,000.00 to $ 45,000.oo is much of a improvement
Ppund of powder at $4 to 5.00 today if you can find it, $25-30.00 Just my opinion

 

[mushka]

I bought a twenty dollar gold piece awhile back and it cost considerably more than twenty dollars. A buck certainly isn't worth what it used to be. That's all I need to know about economics.

 

[Rock Home Isle]

Inflation nasty word. My personnel feeling is the Government should have de-valued the dollar a long time ago.
In the 1970 I was making $5000.00 a year. I had a home, a car, three children, and some extra spending money. By the time I retired I was making $100,000.00 a year, still had a home, a car three children and less spending money, why? because I payed more in taxes. IMO the only one who makes out in inflation is the government since they get to tax us at higher rates as our income increases but our buying power is lessened
I could be wrong but I don't see buying a car for $3500.00 in 1970's and basically buying a car today for $35,000.00 to $ 45,000.oo is much of a improvement
Ppund of powder at $4 to 5.00 today if you can find it, $25-30.00 Just my opinion

Inflation is a hidden tax

 

[LME]

Inflation nasty word. My personnel feeling is the Government should have de-valued the dollar a long time ago.
In the 1970 I was making $5000.00 a year. I had a home, a car, three children, and some extra spending money. By the time I retired I was making $100,000.00 a year, still had a home, a car three children and less spending money, why? because I payed more in taxes. IMO the only one who makes out in inflation is the government since they get to tax us at higher rates as our income increases but our buying power is lessened
I could be wrong but I don't see buying a car for $3500.00 in 1970's and basically buying a car today for $35,000.00 to $ 45,000.oo is much of a improvement
Ppund of powder at $4 to 5.00 today if you can find it, $25-30.00 Just my opinion

I have always thought that what a dollar could buy should never change? I have heard all the explanations but when I dig deep into my shallow brain it just doesn't make any sense?