$100 in 1924 is worth $4,210.71 today

Why a dollar today is worth only 2% of a dollar in 1924

Updated: May 12, 2021

$100 in 1924 is equivalent in purchasing power to about $4,210.71 today, an increase of $4,110.71 over 97 years. The dollar had an average inflation rate of 3.93% per year between 1924 and today, producing a cumulative price increase of 4,110.71%.

This means that today's prices are 42.11 times higher than average prices since 1924, according to the Bureau of Statistics consumer price index. A dollar today only buys 2.37% of what it could buy back then.

The 1924 inflation rate was 0.00%. The current year-over-year inflation rate (2020 to 2021) is now 1.55%1. If this number holds, $100 today will be equivalent in buying power to $101.55 next year.


Inflation from 1924 to 2021
Cumulative price change 4,110.71%
Average inflation rate 3.93%
Converted amount ($100 base) $4,210.71
Price difference ($100 base) $4,110.71
CPI in 1924 2.800
CPI in 2021 117.900
Inflation in 1924 0.00%
Inflation in 2021 1.55%
$100 in 1924 $4,210.71 in 2021

AUD Inflation since 1922
Annual Rate, the Bureau of Statistics CPI
Download

Buying power of $100 in 1924

This chart shows a calculation of buying power equivalence for $100 in 1924 (price index tracking began in 1922).

For example, if you started with $100, you would need to end with $4,210.71 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When $100 is equivalent to $4,210.71 over time, that means that the "real value" of a single Australian 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 1924 dollars, the chart below shows how $100 is worth less over 97 years.

According to the Bureau of Statistics, each of these AUD amounts below is equal in terms of what it could buy at the time:

Dollar inflation: 1924-2021
Year Dollar Value Inflation Rate
1924 $100.00 -
1925 $100.00 0.00%
1926 $103.57 3.57%
1927 $100.00 -3.45%
1928 $103.57 3.57%
1929 $103.57 0.00%
1930 $96.43 -6.90%
1931 $89.29 -7.41%
1932 $85.71 -4.00%
1933 $82.14 -4.17%
1934 $82.14 0.00%
1935 $85.71 4.35%
1936 $85.71 0.00%
1937 $89.29 4.17%
1938 $92.86 4.00%
1939 $92.86 0.00%
1940 $96.43 3.85%
1941 $100.00 3.70%
1942 $110.71 10.71%
1943 $114.29 3.23%
1944 $114.29 0.00%
1945 $114.29 0.00%
1946 $114.29 0.00%
1947 $121.43 6.25%
1948 $132.14 8.82%
1949 $142.86 8.11%
1950 $157.14 10.00%
1951 $185.71 18.18%
1952 $217.86 17.31%
1953 $228.57 4.92%
1954 $232.14 1.56%
1955 $235.71 1.54%
1956 $250.00 6.06%
1957 $257.14 2.86%
1958 $257.14 0.00%
1959 $264.29 2.78%
1960 $275.00 4.05%
1961 $278.57 1.30%
1962 $278.57 0.00%
1963 $282.14 1.28%
1964 $289.29 2.53%
1965 $300.00 3.70%
1966 $307.14 2.38%
1967 $317.86 3.49%
1968 $328.57 3.37%
1969 $339.29 3.26%
1970 $350.00 3.16%
1971 $371.43 6.12%
1972 $392.86 5.77%
1973 $428.57 9.09%
1974 $496.43 15.83%
1975 $571.43 15.11%
1976 $646.43 13.13%
1977 $725.00 12.15%
1978 $782.14 7.88%
1979 $853.57 9.13%
1980 $942.86 10.46%
1981 $1,032.14 9.47%
1982 $1,146.43 11.07%
1983 $1,264.29 10.28%
1984 $1,314.29 3.95%
1985 $1,400.00 6.52%
1986 $1,528.57 9.18%
1987 $1,657.14 8.41%
1988 $1,778.57 7.33%
1989 $1,910.71 7.43%
1990 $2,053.57 7.48%
1991 $2,117.86 3.13%
1992 $2,139.29 1.01%
1993 $2,175.00 1.67%
1994 $2,217.86 1.97%
1995 $2,321.43 4.67%
1996 $2,382.14 2.62%
1997 $2,389.29 0.30%
1998 $2,407.14 0.75%
1999 $2,442.86 1.48%
2000 $2,553.57 4.53%
2001 $2,664.29 4.34%
2002 $2,746.43 3.08%
2003 $2,821.43 2.73%
2004 $2,885.71 2.28%
2005 $2,964.29 2.72%
2006 $3,067.86 3.49%
2007 $3,139.29 2.33%
2008 $3,278.57 4.44%
2009 $3,335.71 1.74%
2010 $3,432.14 2.89%
2011 $3,546.43 3.33%
2012 $3,607.14 1.71%
2013 $3,696.43 2.48%
2014 $3,789.29 2.51%
2015 $3,846.43 1.51%
2016 $3,896.43 1.30%
2017 $3,971.43 1.92%
2018 $4,046.43 1.89%
2019 $4,110.71 1.59%
2020 $4,146.43 0.87%
2021 $4,210.71 1.55%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.
Click to show 91 more rows

This conversion table shows various other 1924 amounts in today's dollars, based on the 4,110.71% change in prices:

Conversion: 1924 dollars today
Initial value Equivalent value
$1 dollar in 1924 $42.11 dollars today
$5 dollars in 1924 $210.54 dollars today
$10 dollars in 1924 $421.07 dollars today
$50 dollars in 1924 $2,105.36 dollars today
$100 dollars in 1924 $4,210.71 dollars today
$500 dollars in 1924 $21,053.57 dollars today
$1,000 dollars in 1924 $42,107.14 dollars today
$5,000 dollars in 1924 $210,535.71 dollars today
$10,000 dollars in 1924 $421,071.43 dollars today
$50,000 dollars in 1924 $2,105,357.14 dollars today
$100,000 dollars in 1924 $4,210,714.29 dollars today
$500,000 dollars in 1924 $21,053,571.43 dollars today
$1,000,000 dollars in 1924 $42,107,142.86 dollars today

How to Calculate Inflation Rate for $100 since 1924

Our calculations use the following inflation rate formula to calculate the change in value between 1924 and today:

CPI today CPI in 1924
×
1924 AUD value
=
Today's value

Then plug in historical CPI values. The Australian CPI was 2.8 in the year 1924 and 117.9 in 2021:

117.92.8
×
$100
=
$4,210.71

$100 in 1924 has the same "purchasing power" or "buying power" as $4,210.71 in 2021.

To get the total inflation rate for the 97 years between 1924 and 2021, we use the following formula:

CPI in 2021 - CPI in 1924CPI in 1924
×
100
=
Cumulative inflation rate (97 years)

Plugging in the values to this equation, we get:

117.9 - 2.82.8
×
100
=
4,111%

Data Source & Citation

Raw data for these calculations comes from the government of Australia's annual (CPI) as provided by the Reserve Bank of Australia. The consumer price index was established in 1922 and is tracked by Australian Bureau of Statistics (ABS).

You may use the following MLA citation for this page: “Value of 1924 dollars today | Australia Inflation Calculator.” Official Inflation Data, Alioth Finance, 12 May. 2021, https://www.officialdata.org/australia/inflation/1924.

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.


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 1924 to 2021
Cumulative price change 4,110.71%
Average inflation rate 3.93%
Converted amount ($100 base) $4,210.71
Price difference ($100 base) $4,110.71
CPI in 1924 2.800
CPI in 2021 117.900
Inflation in 1924 0.00%
Inflation in 2021 1.55%
$100 in 1924 $4,210.71 in 2021