Unlocking the Past: A Guide to Using the National Archives Currency Converter (1270-2017)

Ever wondered what your salary would have been worth in the 14th century? Or how many sheep you could have bought with a single pound in the 1700s? The National Archives offers a fascinating tool that allows you to explore the purchasing power of historical currency: the Currency Converter. This article will delve into how to use this converter, its purpose, and its limitations, helping you understand the real value of money across centuries.

What is the National Archives Currency Converter?

The Currency Converter, available on the National Archives website, is a unique online tool designed to provide a general guide to the historical value of British currency from 1270 to 2017. It allows users to input a specific amount of currency from a chosen year and see its equivalent purchasing power in today's pence.

Key features of the Currency Converter:

• Historical Range: Covers a vast period from 1270 to 2017.
• Input Flexibility: Accepts input in pounds, shillings, and pence.
• Purchasing Power Guide: Offers an estimated value of the currency in modern pence.
• Commodity Insight: Gives you an idea of how many goods, such as animals, wool, or wheat, you could buy at the time.

How to Use the Currency Converter

Using the Currency Converter is straightforward. Here's a step-by-step guide:

1. Access the Tool: Navigate to the Currency Converter page on the National Archives website.
2. Select the Year: Choose the year you want to investigate from the dropdown menu. The tool covers every ten years from 1270 to 1900, then five year increments to 2005, and finally 2017.
3. Enter the Currency: Input the amount you want to convert in the Pounds, Shillings (s), and Pence (d) fields.
4. View the Result: The converter will display the estimated value of that currency in today's pence (p).

Understanding the Results and Limitations

It's crucial to understand that the result provided by the Currency Converter is intended as a general guide and not a definitive statement of fact. Several factors influence the accuracy and interpretation of the results:

• Data Source: The data is derived from historical records like those of the royal household and Exchequer. These often reflect large governmental purchases and skilled craftsmen's wages, not necessarily everyday retail prices or average earnings.
• Economic Shifts: The relative value of goods and services has changed dramatically over time. What was considered a luxury item in the 13th century might be commonplace today, and vice versa.
• Beyond 2017: The National Archives tool is not updated beyond 2017. For more recent inflation calculations, you can use the Bank of England's inflation calculator.

Alternative Methods for Historical Comparisons

The National Archives acknowledges that using the retail price index might not always be the most appropriate method for historical comparisons. They suggest considering alternatives:

• Average Earnings: Comparing currency based on average earnings can provide a better understanding of living standards and relative wealth.
• Gross Domestic Product (GDP) per Capita: Using GDP per head offers a broader perspective on the economic output and prosperity of a given period.

For these alternative comparison methods, the National Archives recommends using measuringworth.com, which provides various comparators for the UK and other countries, along with detailed explanations of each calculation type and their sources.

Exploring Life in Different Centuries

The National Archives provides additional resources that offer context of what life was like during different periods. These articles are great resources to contextualize your findings using the Currency Converter.

• 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 interested in exploring the economic history of Britain. While it's essential to be aware of its limitations and use it as a general guide, it offers a captivating glimpse into the past and helps us understand the changing value of money over time. By combining the Currency Converter with other historical resources and comparison methods, you can gain a richer and more nuanced understanding of life in centuries past.