Unveiling the Past: Exploring Historical Purchasing Power with the National Archives Currency Converter
Ever wondered what your salary would have been worth centuries ago? Or how much a loaf of bread cost in medieval England? The National Archives Currency Converter offers a fascinating glimpse into the past, allowing you to calculate the purchasing power of British currency from 1270 to 2017. This tool is invaluable for historians, researchers, and anyone curious about the economic realities of bygone eras.
What is the National Archives Currency Converter?
The National Archives Currency Converter is an online tool designed to estimate the relative value of money across centuries. By inputting a specific year and amount in pounds, shillings, and pence, the converter provides an estimate of its equivalent value in "today’s pence" (referring to 2017, the last year the tool was updated). It also illustrates what that sum could buy in terms of goods like animals, wool, and wheat.
How Does the Currency Converter Work?
Using the currency converter is straightforward:
- Select a Year: Choose a year between 1270 and 2017 from the dropdown menu.
- Enter the Currency: Input the amount in pounds, shillings, and pence.
- Calculate: The tool displays the estimated value in today's pence (as of 2017).
Keep in mind that the converter requires JavaScript to be enabled in your browser.
Understanding the Results: A Guide, Not a Definitive Answer
It's crucial to understand that the results provided by the currency converter are intended as a general guide. The National Archives emphasizes that the calculations are not a categorical statement of fact. Several factors contribute to this:
- Data Sources: The data originates from historical records like those of the royal household and Exchequer.
- Type of Transactions: These records often reflect large purchases by government entities rather than typical retail prices.
- Wages vs. Earnings: The data may be based on the wages of skilled craftsmen, not a general average of earnings.
Beyond the National Archives Converter: Alternative Resources
Since the National Archives Currency Converter is not updated beyond 2017, you may need alternative tools for more recent comparisons. The National Archives recommends the following resources:
- Bank of England Inflation Calculator: This tool (www.bankofengland.co.uk) allows you to calculate inflation and compare values from more recent years.
- MeasuringWorth.com: This website (measuringworth.com) provides various comparators for the UK and other countries, using different methodologies like retail price index, average earnings, and GDP per capita.
Why Use Different Comparators?
The retail price index may not always be the most appropriate measure for historical comparisons. Depending on your research question, comparisons based on average earnings or gross domestic product (GDP) per head might be more relevant. MeasuringWorth.com offers detailed explanations of each calculation type and the sources used.
Delving Deeper: Exploring Life in Different Centuries
The National Archives provides additional resources to contextualize the currency converter's results. Explore these articles to gain further insights into the living conditions and economic realities of specific periods:
- Living in the 13th Century
- Living in the 14th Century
- Living in the 15th Century
- Living in the 16th Century
- Living in the 17th Century
- Living in the 18th Century
- Living in the 19th Century
- Living in the 20th Century
Conclusion
The National Archives Currency Converter is a valuable tool for anyone seeking to understand the historical value of British currency. While it's essential to interpret the results with caution and consider its limitations, it provides a fascinating glimpse into the economic past. By combining the converter with other resources and historical context, you can gain a richer understanding of life in different centuries.
