When I hear discussions of wages/prices today as opposed to 100 years ago, a simple calculation is enlightening.
A salary today of $50,000 per year is nothing out of the ordinary. It buys you rent, food, and a car payment if you live in a reasonably priced environment.
If we compare a $50,000 salary from 1924, we are in fact talking about 500 $20 Gold pieces (five gold Liberties were worth $100, so 500 of them were worth $50K.)
Today, each Gold Liberties today has a melt value of $2186 (spot price today is $2326 X94%)
So 500 of them are worth $1.,093,000. The value of those beautiful coins was in the metal that they were minted in.
When I hear discussions of wages/prices today as opposed to 100 years ago, a simple calculation is enlightening.
A salary today of $50,000 per year is nothing out of the ordinary. It buys you rent, food, and a car payment if you live in a reasonably priced environment.
If we compare a $50,000 salary from 1924, we are in fact talking about 500 $20 Gold pieces (five gold Liberties were worth $100, so 500 of them were worth $50K.)
Today, each Gold Liberties today has a melt value of $2186 (spot price today is $2326 X94%)
So 500 of them are worth $1.,093,000. The value of those beautiful coins was in the metal that they were minted in.
This is what has happened to our dollar.
really great Q's from interviewer👍