I highly recommend using inflation calculators as it can change the narrative of the story.
Recently, I watched one of those wonderful genealogy shows. The ancestor in question had "arrived in the United States in 1910 with $100 in his pocket". It made for a romantic story of triumph over a poor start, but it was it true? One hundred dollars in 1910 is equal to $2721.54 in 2018 according to one inflation calculator. Almost $3,000 in his pocket is not a fortune but it is likely enough to rent a place to live and eat until he found work. The inflation calculator goes on to indicate that "if you were to buy exactly the same products in 2018 and 1910, they would cost you $100 and $3.61 respectively."
You would need to do more research into the cost of food and housing to really get a good picture.
At a recent talk I gave on "Prison and Court Records" there was a discussion of an ancestor who was hung in the 1860s in England for stealing £20. If you use the Bank of England Inflation Calculator £20 is equal to about £2,388.82. Then, using a foreign exchange calculator, converting to CDN dollars, about $4,000. Suddenly the theft story changes from being petty theft to something more serious.
Thu, Feb 13, 1919 – Page 2 · The Chilliwack Progress (Chilliwack, British Columbia, Canada) · Newspapers.com
You can use inflation calculators to convert the cost of everyday items. "Tomato Catsup" (size unknown) sold at Ashwell's Grocery for 25¢ in 1919.Using the Bank of Canada Inflation Calculator that works out to $3.51 in 2019 money.
Looking through my flyers, I can purchase a 375 ml bottle of Heinz Tomato Ketchup for $3.99. So, the price in essentially the same.
Obviously, to get a full picture you need to do some number crunching on wages and housing and so forth. However, it is a good reminder to do some quick calculations before we start romanticising the past and wishing that a hamburger cost only 15¢ today.
