Subject: How do we determine what a dollar is worth?
Is a dollar worth a dollar? The value of a dollar certainly has changed over the years. 100 years ago you could go to a movie for 15 cents or buy a gallon of milk for 35 cents or mail a letter first class for 2 cents or buy a new car for $525.
In the 1930’s we still had dollars that contained actual silver. The coins we used were approximately 90% silver and 10% copper. A dollar coin was about ¾ ounce. So a dollar in pure silver was about .62 ounces, just over a half ounce.
Over the years we have abandoned a currency backed by gold and silver and the result has been a drastic change in the value of the dollar. You certainly can’t buy anything for the same prices they cost in the past. Evidenced by the chart below. Learn more about the rising price of silver and what it can mean right here.
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