Value of $23,950 from 1815 to 2024
$23,950 in 1815 is equivalent in purchasing power to about $490,653.07 today, an increase of $466,703.07 over 209 years. The dollar had an average inflation rate of 1.46% per year between 1815 and today, producing a cumulative price increase of 1,948.66%.
This means that today's prices are 20.49 times as high as average prices since 1815, according to the Bureau of Labor Statistics consumer price index. A dollar today only buys 4.881% of what it could buy back then.
The inflation rate in 1815 was -12.50%. The current inflation rate compared to the end of last year is now 2.75%. If this number holds, $23,950 today will be equivalent in buying power to $24,608.48 next year. The current inflation rate page gives more detail on the latest inflation rates.
Contents
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| Cumulative price change | 1,948.66% |
| Average inflation rate | 1.46% |
| Converted amount $23,950 base | $490,653.07 |
| Price difference $23,950 base | $466,703.07 |
| CPI in 1815 | 15.400 |
| CPI in 2024 | 315.493 |
| Inflation in 1815 | -12.50% |
| Inflation in 2024 | 2.75% |
| $23,950 in 1815 | $490,653.07 in 2024 |
Buying power of $23,950 in 1815
This chart shows a calculation of buying power equivalence for $23,950 in 1815 (price index tracking began in 1635).
For example, if you started with $23,950, you would need to end with $490,653.07 in order to "adjust" for inflation (sometimes refered to as "beating inflation").
When $23,950 is equivalent to $490,653.07 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 1815 dollars, the chart below shows how $23,950 is worth less over 209 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 1815 amounts in today's dollars, based on the 1,948.66% change in prices:
| Initial value | Equivalent value |
|---|---|
| $1 dollar in 1815 | $20.49 dollars today |
| $5 dollars in 1815 | $102.43 dollars today |
| $10 dollars in 1815 | $204.87 dollars today |
| $50 dollars in 1815 | $1,024.33 dollars today |
| $100 dollars in 1815 | $2,048.66 dollars today |
| $500 dollars in 1815 | $10,243.28 dollars today |
| $1,000 dollars in 1815 | $20,486.56 dollars today |
| $5,000 dollars in 1815 | $102,432.79 dollars today |
| $10,000 dollars in 1815 | $204,865.58 dollars today |
| $50,000 dollars in 1815 | $1,024,327.92 dollars today |
| $100,000 dollars in 1815 | $2,048,655.84 dollars today |
| $500,000 dollars in 1815 | $10,243,279.22 dollars today |
| $1,000,000 dollars in 1815 | $20,486,558.44 dollars today |
Inflation by Country
Inflation can also vary widely by country. For comparison, in the UK £23,950.00 in 1815 would be equivalent to £2,672,473.52 in 2024, an absolute change of £2,648,523.52 and a cumulative change of 11,058.55%.
Compare these numbers to the US's overall absolute change of $466,703.07 and total percent change of 1,948.66%.
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 1815 and 2024.
Compare these values to the overall average of 1.46% per year:
| Category | Avg Inflation (%) | Total Inflation (%) | $23,950 in 1815 → 2024 |
|---|---|---|---|
| Food and beverages | 4.00 | 363,764.20 | 87,145,476.49 |
| Housing | 4.27 | 623,943.91 | 149,458,516.57 |
| Apparel | 1.98 | 5,966.52 | 1,452,932.32 |
| Transportation | 3.37 | 101,597.61 | 24,356,576.82 |
| Medical care | 4.61 | 1,233,547.45 | 295,458,564.35 |
| Recreation | 1.37 | 1,603.58 | 408,006.98 |
| Education and communication | 1.74 | 3,612.91 | 889,242.98 |
| Other goods and services | 4.98 | 2,563,526.66 | 613,988,584.07 |
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 1815. This table and charts use the earliest available data for each category.
How to calculate inflation rate for $23,950 since 1815
Our calculations use the following inflation rate formula to calculate the change in value between 1815 and today:
CPI today CPI in 1815
×
1815 USD value
=
Today's value
Then plug in historical CPI values. The U.S. CPI was 15.4 in the year 1815 and 315.493 in 2024:
315.49315.4
×
$23,950
=
$490,653.07
$23,950 in 1815 has the same "purchasing power" or "buying power" as $490,653.07 in 2024.
To get the total inflation rate for the 209 years between 1815 and 2024, we use the following formula:
CPI in 2024 - CPI in 1815CPI in 1815
×
100
=
Cumulative inflation rate (209 years)
Plugging in the values to this equation, we get:
315.493 - 15.415.4
×
100
=
1,949%
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: “$23,950 in 1815 → 2024 | Inflation Calculator.” Official Inflation Data, Alioth Finance, 15 Dec. 2024, https://www.officialdata.org/us/inflation/1815?amount=23950.
Special thanks to QuickChart for their chart image API, which is used for chart downloads.
| Cumulative price change | 1,948.66% |
| Average inflation rate | 1.46% |
| Converted amount $23,950 base | $490,653.07 |
| Price difference $23,950 base | $466,703.07 |
| CPI in 1815 | 15.400 |
| CPI in 2024 | 315.493 |
| Inflation in 1815 | -12.50% |
| Inflation in 2024 | 2.75% |
| $23,950 in 1815 | $490,653.07 in 2024 |