$1 in 1704 is worth $1.10 in 1704

Value of $1 from 1705 to 1704

According to the Bureau of Labor Statistics consumer price index, prices in 1704 are 9.52% higher than average prices since 1705. The U.S. dollar experienced an average deflation rate of -8.70% per year during this period, causing the real value of a dollar to increase.

In other words, $1 in 1705 is equivalent in purchasing power to about $1.10 in 1704.

The 1704 inflation rate was 17.95%. The inflation rate in 1705 was -8.70%. The 1705 inflation rate is lower compared to the average inflation rate of 1.31% per year between 1705 and 2020.


Inflation from 1705 to 1704
Average inflation rate -8.70%
Converted amount ($1 base) $1.10
Price difference ($1 base) $0.10
CPI in 1705 4.200
CPI in 1704 4.600
Inflation in 1704 17.95%
Inflation in 1705 -8.70%

USD Inflation since 1635
Annual Rate, the Bureau of Labor Statistics CPI
Download

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 1705 and 1704.

Compare these values to the overall average of -8.70% per year:

Category Avg Inflation (%) Total Inflation (%) $1 in 1704 → 1705
Food and beverages 0.00 0.00 1.00
Housing 0.00 0.00 1.00
Apparel 0.00 0.00 1.00
Transportation 0.00 0.00 1.00
Medical care 0.00 0.00 1.00
Recreation 0.00 0.00 1.00
Education and communication 0.00 0.00 1.00
Other goods and services 0.00 0.00 1.00

For all these visualizations, it's important to note that not all categories may have been tracked since 1705. This table and charts use the earliest available data for each category.



How to Calculate Inflation Rate for $1, 1704 to 1705

Our calculations use the following inflation rate formula to calculate the change in value between 1704 and 1705:

CPI in 1704 CPI in 1705
×
1705 USD value
=
1704 USD value

Then plug in historical CPI values. The U.S. CPI was 4.2 in the year 1705 and 4.6 in 1704:

4.64.2
×
$1
=
$1.10

$1 in 1705 has the same "purchasing power" or "buying power" as $1.10 in 1704.

To get the total inflation rate for the 1 years between 1704 and 1705, we use the following formula:

CPI in 1704 - CPI in 1705CPI in 1705
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

4.6 - 4.24.2
×
100
=
10%

Data Source & Citation

Raw data for these calculations comes from the Bureau of Labor Statistics' (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: “$1 in 1705 → 1704 | Inflation Calculator.” Official Inflation Data, Alioth Finance, 28 May. 2020, https://www.officialdata.org/1705-dollars-in-1704?amount=1.

Special thanks to QuickChart for providing downloadable chart images.

in2013dollars.com is a reference website maintained by the Official Data Foundation.


Ian Webster

About the author

Ian Webster is an engineer and data expert based in San Mateo, California. He has worked for Google, NASA, and consulted for governments around the world on data pipelines and data analysis. Disappointed by the lack of clear resources on the impacts of inflation on economic indicators, Ian believes this website serves as a valuable public tool. Ian earned his degree in Computer Science from Dartmouth College.

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Inflation from 1705 to 1704
Average inflation rate -8.70%
Converted amount ($1 base) $1.10
Price difference ($1 base) $0.10
CPI in 1705 4.200
CPI in 1704 4.600
Inflation in 1704 17.95%
Inflation in 1705 -8.70%