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When something is valued at $1 back in time, like 1800's, how do they know the value of that dollar today?

by Guest34276  |  earlier

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When something is valued at $1 back in time, like 1800's, how do they know the value of that dollar today?

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  1. Inflation


  2. yeah,you have to check the inflation level since then

  3. it would probably be about 5-10 as much. depends on which year of the 1800's

  4. Generally they'll compare the value of a known commodity back then to the price of that same commodity today. After doing this a bunch of times, they'll come up with an average rate of change and eventually a formula to give you that amount at any date.

  5. Compare it to the prices of silver and gold. They're the standards.
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