The Suspicions of Mr Whicher

A NOTE ON MONEY

In 1860, £1 had the purchasing power of £65 ($130) in today's money. A shilling (s) was worth a twentieth of £1 and had the purchasing power of about £3.25 ($6.50) today. A penny (d) was worth a twelfth of a shilling and had the purchasing power of about twenty-five modern pence (fifty cents). This measure – based on the retail price index – is useful for calculating the relative cost of everyday items, such as fares, food, drink.

When assessing salaries, a more meaningful calculation is that an income of £100 in 1860 is the equivalent of about £60,000 ($120,000) today.

Estimates based on the calculations of the American economics professors Lawrence H. Officer and Samuel H. Williamson, explained on their website measuringworth.com.