# \$20 in 1918 is worth \$358.90 in 2021

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👉 You may be interested in \$20 in 1918 → 2023

## Value of \$20 from 1918 to 2021

\$20 in 1918 is equivalent in purchasing power to about \$358.90 in 2021, an increase of \$338.90 over 103 years. The dollar had an average inflation rate of 2.84% per year between 1918 and 2021, producing a cumulative price increase of 1,694.50%.

This means that prices in 2021 are 17.95 times as high as average prices since 1918, according to the Bureau of Labor Statistics consumer price index.

The inflation rate in 1918 was 17.97%. The inflation rate in 2021 was 4.70%. The 2021 inflation rate is higher compared to the average inflation rate of 4.66% per year between 2021 and 2023.

 Cumulative price change 1,694.50% Average inflation rate 2.84% Converted amount (\$20 base) \$358.90 Price difference (\$20 base) \$338.90 CPI in 1918 15.100 CPI in 2021 270.970 Inflation in 1918 17.97% Inflation in 2021 4.70% \$20 in 1918 \$358.90 in 2021

USD inflation since 1918
Annual Rate, the Bureau of Labor Statistics CPI

## Buying power of \$20 in 1918

This chart shows a calculation of buying power equivalence for \$20 in 1918 (price index tracking began in 1635).

For example, if you started with \$20, you would need to end with \$358.90 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When \$20 is equivalent to \$358.90 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 1918 dollars, the chart below shows how \$20 is worth less over 103 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:

Dollar inflation: 1918-2021
YearDollar ValueInflation Rate
1918\$20.0017.97%
1919\$22.9114.57%
1920\$26.4915.61%
1921\$23.71-10.50%
1922\$22.25-6.15%
1923\$22.651.79%
1924\$22.650.00%
1925\$23.182.34%
1926\$23.441.14%
1927\$23.05-1.69%
1928\$22.65-1.72%
1929\$22.650.00%
1930\$22.12-2.34%
1931\$20.13-8.98%
1932\$18.15-9.87%
1933\$17.22-5.11%
1934\$17.753.08%
1935\$18.152.24%
1936\$18.411.46%
1937\$19.073.60%
1938\$18.68-2.08%
1939\$18.41-1.42%
1940\$18.540.72%
1941\$19.475.00%
1942\$21.5910.88%
1943\$22.916.13%
1944\$23.311.73%
1945\$23.842.27%
1946\$25.838.33%
1947\$29.5414.36%
1948\$31.928.07%
1949\$31.52-1.24%
1950\$31.921.26%
1951\$34.447.88%
1952\$35.101.92%
1953\$35.360.75%
1954\$35.630.75%
1955\$35.50-0.37%
1956\$36.031.49%
1957\$37.223.31%
1958\$38.282.85%
1959\$38.540.69%
1960\$39.211.72%
1961\$39.601.01%
1962\$40.001.00%
1963\$40.531.32%
1964\$41.061.31%
1965\$41.721.61%
1966\$42.912.86%
1967\$44.243.09%
1968\$46.094.19%
1969\$48.615.46%
1970\$51.395.72%
1971\$53.644.38%
1972\$55.363.21%
1973\$58.816.22%
1974\$65.3011.04%
1975\$71.269.13%
1976\$75.365.76%
1977\$80.266.50%
1978\$86.367.59%
1979\$96.1611.35%
1980\$109.1413.50%
1981\$120.4010.32%
1982\$127.816.16%
1983\$131.923.21%
1984\$137.624.32%
1985\$142.523.56%
1986\$145.171.86%
1987\$150.463.65%
1988\$156.694.14%
1989\$164.244.82%
1990\$173.115.40%
1991\$180.404.21%
1992\$185.833.01%
1993\$191.392.99%
1994\$196.292.56%
1995\$201.852.83%
1996\$207.812.95%
1997\$212.582.29%
1998\$215.891.56%
1999\$220.662.21%
2000\$228.083.36%
2001\$234.572.85%
2002\$238.281.58%
2003\$243.712.28%
2004\$250.202.66%
2005\$258.683.39%
2006\$267.023.23%
2007\$274.632.85%
2008\$285.173.84%
2009\$284.15-0.36%
2010\$288.821.64%
2011\$297.933.16%
2012\$304.102.07%
2013\$308.551.46%
2014\$313.561.62%
2015\$313.930.12%
2016\$317.891.26%
2017\$324.662.13%
2018\$332.752.49%
2019\$338.621.76%
2020\$342.801.23%
2021\$358.904.70%
2022\$387.628.00%
2023\$393.111.42%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.
Click to show 97 more rows

This conversion table shows various other 1918 amounts in 2021 dollars, based on the 1,694.50% change in prices:

Conversion: 1918 dollars in 2021
Initial valueEquivalent value
\$1 dollar in 1918\$17.95 dollars in 2021
\$5 dollars in 1918\$89.73 dollars in 2021
\$10 dollars in 1918\$179.45 dollars in 2021
\$50 dollars in 1918\$897.25 dollars in 2021
\$100 dollars in 1918\$1,794.50 dollars in 2021
\$500 dollars in 1918\$8,972.52 dollars in 2021
\$1,000 dollars in 1918\$17,945.04 dollars in 2021
\$5,000 dollars in 1918\$89,725.22 dollars in 2021
\$10,000 dollars in 1918\$179,450.44 dollars in 2021
\$50,000 dollars in 1918\$897,252.21 dollars in 2021
\$100,000 dollars in 1918\$1,794,504.42 dollars in 2021
\$500,000 dollars in 1918\$8,972,522.08 dollars in 2021
\$1,000,000 dollars in 1918\$17,945,044.15 dollars in 2021

## Inflation by City

Inflation can vary widely by city, even within the United States. Here's how some cities fared in 1918 to 2021 (figures shown are purchasing power equivalents of \$20):

San Francisco, California experienced the highest rate of inflation during the 103 years between 1918 and 2021 (3.22%).

Atlanta, Georgia experienced the lowest rate of inflation during the 103 years between 1918 and 2021 (2.78%).

Note that some locations showing 0% inflation may have not yet reported latest data.

## Inflation by Country

Inflation can also vary widely by country. For comparison, in the UK £20.00 in 1918 would be equivalent to £1,186.52 in 2021, an absolute change of £1,166.52 and a cumulative change of 5,832.61%.

In Canada, CA\$20.00 in 1918 would be equivalent to CA\$317.63 in 2021, an absolute change of CA\$297.63 and a cumulative change of 1,488.13%.

Compare these numbers to the US's overall absolute change of \$338.90 and total percent change of 1,694.50%.

## 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 1918 and 2021.

Compare these values to the overall average of 2.84% per year:

CategoryAvg Inflation (%)Total Inflation (%)\$20 in 1918 → 2021
Food and beverages3.905,069.441,033.89
Housing4.186,676.361,355.27
Apparel1.38309.4581.89
Transportation3.292,718.37563.67
Medical care4.6911,124.432,244.89
Recreation1.16226.9365.39
Education and communication1.85557.54131.51
Other goods and services4.9514,430.772,906.15

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 1918. This table and charts use the earliest available data for each category.

## How to calculate inflation rate for \$20, 1918 to 2021

Our calculations use the following inflation rate formula to calculate the change in value between 1918 and 2021:

CPI in 2021 CPI in 1918
×
1918 USD value
=
2021 USD value

Then plug in historical CPI values. The U.S. CPI was 15.1 in the year 1918 and 270.97016666667 in 2021:

270.9701666666715.1
×
\$20
=
\$358.90

\$20 in 1918 has the same "purchasing power" or "buying power" as \$358.90 in 2021.

To get the total inflation rate for the 103 years between 1918 and 2021, we use the following formula:

CPI in 2021 - CPI in 1918CPI in 1918
×
100
=
Cumulative inflation rate (103 years)

Plugging in the values to this equation, we get:

270.97016666667 - 15.115.1
×
100
=
1,695%

## Comparison to S&P 500 Index

The average inflation rate of 2.84% has a compounding effect between 1918 and 2021. As noted above, this yearly inflation rate compounds to produce an overall price difference of 1,694.50% over 103 years.

To help put this inflation into perspective, if we had invested \$20 in the S&P 500 index in 1918, our investment would be nominally worth approximately \$737,611.52 in 2021. This is a return on investment of 3,687,957.60%, with an absolute return of \$737,591.52 on top of the original \$20.

These numbers are not inflation adjusted, so they are considered nominal. In order to evaluate the real return on our investment, we must calculate the return with inflation taken into account.

The compounding effect of inflation would account for 94.43% of returns (\$696,507.61) during this period. This means the inflation-adjusted real return of our \$20 investment is \$41,083.91. You may also want to account for capital gains tax, which would take your real return down to around \$34,921 for most people.

Investment in S&P 500 Index, 1918-2021
Original AmountFinal AmountChange
Nominal\$20\$737,611.523,687,957.60%
Real
\$20\$41,103.91205,419.56%

Information displayed above may differ slightly from other S&P 500 calculators. Minor discrepancies can occur because we use the latest CPI data for inflation, annualized inflation numbers for previous years, and we compute S&P price and dividends from January of 1918 to latest available data for 2021 using average monthly close price.

For more details on the S&P 500 between 1918 and 2021, see the stock market returns calculator.

## Data source & citation

Raw data for these calculations comes from the Bureau of Labor Statistics' (CPI), established in 1913. Inflation data from 1634 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.

You may use the following MLA citation for this page: “\$20 in 1918 → 2021 | Inflation Calculator.” Official Inflation Data, Alioth Finance, 2 Feb. 2023, https://www.officialdata.org/1918-dollars-in-2021?amount=20.

Special thanks to QuickChart for their chart image API, which is used for chart downloads.

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