Value of $28 from 1846 to 2018
$28 in 1846 is equivalent in purchasing power to about $913.56 in 2018, an increase of $885.56 over 172 years. The dollar had an average inflation rate of 2.05% per year between 1846 and 2018, producing a cumulative price increase of 3,162.73%.
This means that prices in 2018 are 32.63 times as high as average prices since 1846, according to the Bureau of Labor Statistics consumer price index.
The inflation rate in 1846 was 1.32%. The inflation rate in 2018 was 2.49%. The 2018 inflation rate is lower compared to the average inflation rate of 3.88% per year between 2018 and 2024.
Contents
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| Cumulative price change | 3,162.73% |
| Average inflation rate | 2.05% |
| Converted amount $28 base | $913.56 |
| Price difference $28 base | $885.56 |
| CPI in 1846 | 7.700 |
| CPI in 2018 | 251.230 |
| Inflation in 1846 | 1.32% |
| Inflation in 2018 | 2.49% |
| $28 in 1846 | $913.56 in 2018 |
Buying power of $28 in 1846
This chart shows a calculation of buying power equivalence for $28 in 1846 (price index tracking began in 1635).
For example, if you started with $28, you would need to end with $913.56 in order to "adjust" for inflation (sometimes refered to as "beating inflation").
When $28 is equivalent to $913.56 over time, that means that the "real value" of a single U.S. dollar decreases over time. In other words, a dollar will pay for fewer items at the store.
This effect explains how inflation erodes the value of a dollar over time. By calculating the value in 1846 dollars, the chart below shows how $28 is worth less over 172 years.
According to the Bureau of Labor Statistics, each of these USD amounts below is equal in terms of what it could buy at the time:
This conversion table shows various other 1846 amounts in 2018 dollars, based on the 3,162.73% change in prices:
| Initial value | Equivalent value |
|---|---|
| $1 dollar in 1846 | $32.63 dollars in 2018 |
| $5 dollars in 1846 | $163.14 dollars in 2018 |
| $10 dollars in 1846 | $326.27 dollars in 2018 |
| $50 dollars in 1846 | $1,631.36 dollars in 2018 |
| $100 dollars in 1846 | $3,262.73 dollars in 2018 |
| $500 dollars in 1846 | $16,313.64 dollars in 2018 |
| $1,000 dollars in 1846 | $32,627.27 dollars in 2018 |
| $5,000 dollars in 1846 | $163,136.36 dollars in 2018 |
| $10,000 dollars in 1846 | $326,272.73 dollars in 2018 |
| $50,000 dollars in 1846 | $1,631,363.64 dollars in 2018 |
| $100,000 dollars in 1846 | $3,262,727.27 dollars in 2018 |
| $500,000 dollars in 1846 | $16,313,636.36 dollars in 2018 |
| $1,000,000 dollars in 1846 | $32,627,272.73 dollars in 2018 |
Inflation by Country
Inflation can also vary widely by country. For comparison, in the UK £28.00 in 1846 would be equivalent to £3,186.58 in 2018, an absolute change of £3,158.58 and a cumulative change of 11,280.64%.
Compare these numbers to the US's overall absolute change of $885.56 and total percent change of 3,162.73%.
Inflation by Spending Category
CPI is the weighted combination of many categories of spending that are tracked by the government. Breaking down these categories helps explain the main drivers behind price changes.
This chart shows the average rate of inflation for select CPI categories between 1846 and 2018.
Compare these values to the overall average of 2.05% per year:
| Category | Avg Inflation (%) | Total Inflation (%) | $28 in 1846 → 2018 |
|---|---|---|---|
| Food and beverages | 3.96 | 79,304.38 | 22,233.23 |
| Housing | 4.26 | 130,679.36 | 36,618.22 |
| Apparel | 2.05 | 3,187.47 | 920.49 |
| Transportation | 3.30 | 26,646.96 | 7,489.15 |
| Medical care | 4.76 | 298,423.43 | 83,586.56 |
| Recreation | 1.09 | 550.43 | 182.12 |
| Education and communication | 1.90 | 2,441.70 | 711.67 |
| Other goods and services | 5.10 | 516,504.41 | 144,649.24 |
The graph below compares inflation in categories of goods over time. Click on a category such as "Food" to toggle it on or off:
For all these visualizations, it's important to note that not all categories may have been tracked since 1846. This table and charts use the earliest available data for each category.
How to calculate inflation rate for $28, 1846 to 2018
Our calculations use the following inflation rate formula to calculate the change in value between 1846 and 2018:
CPI in 2018 CPI in 1846
×
1846 USD value
=
2018 USD value
Then plug in historical CPI values. The U.S. CPI was 7.7 in the year 1846 and 251.23 in 2018:
251.237.7
×
$28
=
$913.56
$28 in 1846 has the same "purchasing power" or "buying power" as $913.56 in 2018.
To get the total inflation rate for the 172 years between 1846 and 2018, we use the following formula:
CPI in 2018 - CPI in 1846CPI in 1846
×
100
=
Cumulative inflation rate (172 years)
Plugging in the values to this equation, we get:
251.23 - 7.77.7
×
100
=
3,163%
Data source & citation
Raw data for these calculations comes from the Bureau of Labor Statistics' Consumer Price Index (CPI), established in 1913. Price index data from 1774 to 1912 is sourced from a historical study conducted by political science professor Robert Sahr at Oregon State University and from the American Antiquarian Society. Price index data from 1634 to 1773 is from the American Antiquarian Society, using British pound equivalents.
You may use the following MLA citation for this page: “$28 in 1846 → 2018 | Inflation Calculator.” Official Inflation Data, Alioth Finance, 22 Nov. 2024, https://www.officialdata.org/1846-dollars-in-2018?amount=28.
Special thanks to QuickChart for their chart image API, which is used for chart downloads.
| Cumulative price change | 3,162.73% |
| Average inflation rate | 2.05% |
| Converted amount $28 base | $913.56 |
| Price difference $28 base | $885.56 |
| CPI in 1846 | 7.700 |
| CPI in 2018 | 251.230 |
| Inflation in 1846 | 1.32% |
| Inflation in 2018 | 2.49% |
| $28 in 1846 | $913.56 in 2018 |