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I just saw an article about how the first penny ever made recently sold for 1.2 million dollars and was made in 1792. How much stuff could you buy if you lived in 1792 and had a penny to spend? I tried searching on Google and couldn't really find anything but I think it could be an interesting topic. Here's the penny http://money.cnn.com/2015/03/27/news/first-u-s-penny-auction/index.html?iid=HP_River
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Mar 27, 2015 23:38
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| # ? May 19, 2024 12:46 |
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Use this website. In 2013, the relative value of $0.01 from 1792 ranges from $0.24 to $746.00. A simple Purchasing Power Calculator would say the relative value is $0.25. This answer is obtained by multiplying $0.01 by the percentage increase in the CPI from 1792 to 2013. This may not be the best answer. The best measure of the relative value over time depends on if you are interested in comparing the cost or value of a Commodity , Income or Wealth , or a Project . For more discussion on how to pick the best measure, read the essay "Explaining the Measures of Worth." If you want to compare the value of a $0.01 Commodity in 1792 there are three choices. In 2013 the relative: real price of that commodity is $0.25 labor value of that commodity is $4.15(using the unskilled wage) or $11.60(using production worker compensation) income value of that commodity is $9.83 If you want to compare the value of a $0.01 Income or Wealth , in 1792 there are three choices. In 2013 the relative: historic standard of living value of that income or wealth is $0.25 economic status value of that income or wealth is $9.83 economic power value of that income or wealth is $746.00 If you want to compare the value of a $0.01 Project in 1792 there are four choices. In 2013 the relative: historic opportunity cost of that project is $0.24 labor cost of that project is $4.15(using the unskilled wage) or $11.60(using production worker compensation) economy cost of that project is $746.00
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Mar 28, 2015 02:59
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Thank you that is very helpful. Although I was hoping I could get some concrete examples. Like how much would things like a beer, or new shoes, or a horse, or a haircut cost back then?
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Mar 28, 2015 16:13
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Um pretty sure the first penny dates to about the 8th century AD 
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Mar 29, 2015 13:03
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pruse5 posted:I just saw an article about how the first penny ever made recently sold for 1.2 million dollars and was made in 1792. How much stuff could you buy if you lived in 1792 and had a penny to spend? I tried searching on Google and couldn't really find anything but I think it could be an interesting topic. Here's the penny http://money.cnn.com/2015/03/27/news/first-u-s-penny-auction/index.html?iid=HP_River According to http://www.foodtimeline.org/foodfaq5.html#tavern, a good breakfast cost a shilling, or 12 pennies. This was the same price as a night's lodging. A beer was on the order of a night's lodging, as well. A single penny would probably get you a few needles, a shoelace, probably a glass of milk. In England at the time, the price of a loaf of bread was fixed at a penny; its weight changed somewhat based on certain factors.
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Mar 29, 2015 18:41
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Things on the cheap menu at Taco Bell or Wendy's would probably cost 2 or 3 1792 pennies. Also the penny isn't a unit of currency in the USA.
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Mar 31, 2015 02:54
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One or perhaps two hot cross buns.
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Mar 31, 2015 22:43
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A Something Awful account.
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Apr 1, 2015 07:20
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pork chops adn apple sauce
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Apr 1, 2015 14:15
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cheerfullydrab posted:Also the penny isn't a unit of currency in the USA. Hi, I'm Common Usage. I'm about to beat the poo poo out of your friend Official Terminology until nobody will even admit he was here, and there's nothing you can do about it! I mean, c'mon! We even created a plural for "penny" that was separate from the british plural (pennies v. pence/whatever the other british plural for penny I'm forgetting is).
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Apr 3, 2015 05:17
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You could get an hour with a moderately-priced prostitute.
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Apr 3, 2015 19:56
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It's 1792, though, so she would just show you her ankle or some poo poo.
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Apr 3, 2015 19:57
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I went to a Tudor house in the UK once where they were in character as people from the 1600s and they said a house cost £8, if that helps provide some perspective.
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Apr 3, 2015 20:32
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ScratchAndSniff posted:It's 1792, though, so she would just show you her ankle or some poo poo. Could you rub your junk on it?
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Apr 4, 2015 06:06
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ScratchAndSniff posted:You could get an hour with a moderately-priced prostitute. well, actually 
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Apr 6, 2015 18:00
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So if that coin is only good to buy sex with what did the prostitutes spend it on? Maybe that was like a rewards card for frequent humpers?
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Apr 6, 2015 21:22
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Elephanthead posted:So if that coin is only good to buy sex with what did the prostitutes spend it on? Maybe that was like a rewards card for frequent humpers? The going theory is that you bought the token at the front and then gave it to the sex slave (who probably didn't speak Latin) to tell them what you wanted. Also they were priced in asses.
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Apr 7, 2015 04:48
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Did you NWS a coin with barely distinguishable features?
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Apr 7, 2015 05:03
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| # ? May 19, 2024 12:46 |
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MOVIE MAJICK posted:Did you NWS a coin with barely distinguishable features? I really, really want to know what workplace could possibly be bothered by an employee looking at that coin.
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Apr 7, 2015 06:09
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