According to the Bureau of Labor Statistics consumer price index, the dollar experienced an average inflation rate of 2.15% per year. Prices in 2018 are 2765.5% higher than prices in 1860.
In other words, $500,000 in the year 1860 is equivalent in purchasing power to $14,327,283.82 in 2018, a difference of $13,827,283.82 over 158 years.
The current inflation rate in 2018 is 1.72%1. If this number holds, $500,000 today will be equivalent to $508,589.13 next year.
Cumulative price change | 2765.46% |
Average inflation rate | 2.15% |
Price difference ($500,000 base) | $13,827,283.82 |
CPI in 2018 | 248.991 |
Politics and news often influence economic performance. Here's what was happening at the time:
Raw data for these calculations comes from the Bureau of Labor Statistics' Consumer Price Index (CPI), established in 1913. Inflation data from 1665 to 1912 is sourced from a historical study conducted by political science professor Robert Sahr at Oregon State University.
You may use the following MLA citation for this page: “$500,000 in 1860 → 2018 | Inflation Calculator.” FinanceRef Inflation Calculator, Alioth Finance, 20 Apr. 2018, http://www.in2013dollars.com/1860-dollars?amount=500000.