Imagine walking into the grocery store today with just $10 in your wallet. You probably won’t even be able to put together a meal for dinner, unless you opt for pasta. Today, $10 will only go as far as a Starbucks latte and croissant. But what would $10 have bought you throughout history? Here we’ll explore the value of $10 throughout time.
1. Colonial Era
Colonial America used a variety of currencies including British and Spanish currencies and a mix of local currencies. From what historians can gather, $10 would have converted to around 50 shillings. In the 1730s, 20 shillings could buy 50 acres of land in Maryland. The same amount could buy you 3 pounds of beef in New England. Of course, there is no real comparison until after the Revolutionary War when a national currency was created.
2. 1920s
In the 1920s consumer goods were becoming more accessible. For $10 you could easily buy a nice suit or dress. A small electric oven for the kitchen countertop costs around $10 as well. According to CountryLiving.com, a new house cost about $6,296 in 1920. So in 1920 $10 was a decent amount of pocket change.
3. 1950s
$10 in 1950 is worth about $130.83 today. According to the American Farm Bureau Federation, it cost just under $7 for a holiday meal that included a 16-pound turkey, potatoes, stuffing, dinner rolls, cranberries, and pumpkin pie throughout the entirety of the 1950s. In the 1950s, $10 gave you decent purchasing power. To put it in perspective, the average U.S. household income in 1950 was about $3,300.
4. 1980s
The value of a $10 bill in 1980 was worth $33 today. For $10 you could practically buy all of the grocery essentials. A half gallon of milk was $1.09 in 1985. Eggs were about $1. A newspaper was only $.40 per copy. You could even get a Big Mac Meal for $2.59. If you wanted to see The Breakfast Club in theaters, a movie ticket cost $3.55.
5. 2000s
In the 2000s, $10 was equivalent to about $18.31 today. That could buy you a Bluetooth speaker! During this time gas was $1.37 per gallon. Bread was $1.56 and eggs were $1.93.
The Value of $10 Today
Now, $10 won’t even buy you a hotdog at Disney. If you think about it though, $10 was once a lot of money. Just imagine being able to purchase a kitchen appliance for just $10. Maybe your dollar will go further as inflation cools.