Did you ever wonder what was the value of $1,000 U.S. Dollars back through the ages? For example, when partners Ed Schieffelin & his brother Al Schieffelin sold their shares in their Tombstone mines for $600,000 in 1880, how much was that worth in 2014 dollars?
I knew the sale made them wealthy. But really, how rich were they in terms I can relate to in today’s buying power?
I found answers, and several ways to calculate relative values, at MeasuringWorth. Many factors go into calculating historical values: the price of gold; price of stocks; inflation rates; wages; etc.
But based on the Consumer Price Index (CPI) through history going back to the founding of the United States of America, here are some examples.
• In 1775, $1,000 is worth about $32,000 today.
• In 1880, $1,000 is worth about $24,000.
• In 1920, $1,000 is worth about $12,000.
• In 1930, $1,000 is worth about $14,000.
• In 1950, $1,000 is worth about $10,000.
• In 1999, $1,000 is worth about $1,400.