Unlocking the Past: Using the National Archives Currency Converter to Understand Historical Purchasing Power
Ever wondered what a pound was really worth in the 13th century? Or how much you could earn as a skilled craftsman in the 17th century? The National Archives provides a fascinating tool to explore these questions: an online currency converter spanning from 1270 to 2017. This article delves into how to use this converter and understand its implications for historical research and general curiosity.
What is the National Archives Currency Converter?
The National Archives' currency converter is a unique online tool designed to provide a general guide to the historical value of money in England (and later the UK) over nearly eight centuries. Instead of just offering inflation-adjusted figures, it attempts to contextualize the purchasing power of historical currency. This means it helps you understand what you could actually buy with a certain amount of money in different periods.
How to Use the Currency Converter
Using the currency converter is straightforward:
- Select the Year: Choose the year you're interested in from the dropdown menu. The tool covers the period from 1270 to 2017 in increments of 10 years between 1270 and 1900, then at larger increments to 2017.
- Enter the Currency: Input the amount of currency you want to convert, specifying pounds, shillings, and pence.
- Click Calculate: The converter will then display an estimation of today’s equivalent in pence (p).
The National Archives Currency Converter
What Can You Discover?
Imagine the possibilities:
- Comparing wages: Explore how the earnings of different professions changed over time and what standard of living those wages afforded. See related information about Living in the 13th century.
- Understanding historical prices: Get a sense of the real cost of goods like animals, wool, or wheat in different eras.
- Contextualizing historical events: Gain a deeper understanding of the economic context surrounding historical events, such as famines, wars, or periods of prosperity.
Important Considerations and Disclaimers
While a valuable resource, it's crucial to understand the tool's limitations:
- General Guide, Not Fact: The National Archives emphasizes that the results are intended as a “general guide to historical values, rather than a categorical statement of fact.” Economic conditions and price fluctuations varied significantly even within the same year.
- Data Source Bias: The data is based on historical records, such as those from the royal household and Exchequer. These records often reflect large government purchases and the wages of skilled craftsmen, which might not accurately represent general retail prices or average earnings.
- No Updates Beyond 2017: The National Archives stopped updating the calculator beyond 2017. For more recent inflation data, they recommend using the Bank of England's inflation calculator.
- Retail Price Index Limitations: Be mindful that calculations based on the retail price index may not always be suitable. Comparisons based on average earnings or GDP per head might be more appropriate in some cases. MeasuringWorth.com offers comparators of both kinds.
For further research, explore resources such as Legislation.gov.uk to find information about historial acts of parliament.
Beyond the Calculator: Exploring Life in Different Centuries at The National Archives
The National Archives provides further contextual pages to understand the value of money in each century. These pages provide insightful information to daily lives in different centuries.
Conclusion
The National Archives currency converter is a valuable tool for anyone interested in exploring the economic history of England and the UK. By understanding its functionalities and limitations, you can gain a more nuanced perspective on the past and appreciate the changing value of money over time. Whilst it is recommended to use modern tools such as Bank of England's inflation calculator for more recent data.
