£8,738 in 1900 is worth £1,295,448.88 in 2023

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Value of £8,738 from 1900 to 2023

£8,738 in 1900 is equivalent in purchasing power to about £1,295,448.88 in 2023, an increase of £1,286,710.88 over 123 years. The pound had an average inflation rate of 4.15% per year between 1900 and 2023, producing a cumulative price increase of 14,725.46%.

This means that prices in 2023 are 148.25 times as high as average prices since 1900, according to the Office for National Statistics composite price index.

The inflation rate in 1900 was 4.55%. The inflation rate in 2023 was 7.07%. The 2023 inflation rate is higher compared to the average inflation rate of 3.90% per year between 2023 and 2024.


Inflation from 1900 to 2023
Cumulative price change14,725.46%
Average inflation rate4.15%
Converted amount
£8,738 base
£1,295,448.88
Price difference
£8,738 base
£1,286,710.88
CPI in 19009.200
CPI in 20231,363.943
Inflation in 19004.55%
Inflation in 20237.07%
£8,738 in 1900£1,295,448.88 in 2023

GBP inflation since 1900
Annual Rate, the Office for National Statistics CPI
Download

Buying power of £8,738 in 1900

This chart shows a calculation of buying power equivalence for £8,738 in 1900 (price index tracking began in 1750).

For example, if you started with £8,738, you would need to end with £1,295,448.88 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When £8,738 is equivalent to £1,295,448.88 over time, that means that the "real value" of a single U.K. pound decreases over time. In other words, a pound will pay for fewer items at the store.

This effect explains how inflation erodes the value of a pound over time. By calculating the value in 1900 dollars, the chart below shows how £8,738 is worth less over 123 years.

According to the Office for National Statistics, each of these GBP amounts below is equal in terms of what it could buy at the time:

Pound inflation: 1900-2023
YearPound ValueInflation Rate
1900£8,738.004.55%
1901£8,738.000.00%
1902£8,738.000.00%
1903£8,832.981.09%
1904£8,832.980.00%
1905£8,832.980.00%
1906£8,832.980.00%
1907£8,927.961.08%
1908£8,927.960.00%
1909£9,022.931.06%
1910£9,117.911.05%
1911£9,117.910.00%
1912£9,402.853.13%
1913£9,307.87-1.01%
1914£9,307.870.00%
1915£10,447.6112.24%
1916£12,347.1718.18%
1917£15,481.4625.38%
1918£18,900.6722.09%
1919£20,800.2410.05%
1920£24,029.5015.53%
1921£21,939.98-8.70%
1922£18,900.67-13.85%
1923£17,760.93-6.03%
1924£17,665.96-0.53%
1925£17,665.960.00%
1926£17,570.98-0.54%
1927£17,096.09-2.70%
1928£17,096.090.00%
1929£16,906.13-1.11%
1930£16,431.24-2.81%
1931£15,766.39-4.05%
1932£15,386.48-2.41%
1933£15,006.57-2.47%
1934£15,006.570.00%
1935£15,101.540.63%
1936£15,196.520.63%
1937£15,766.393.75%
1938£15,956.351.20%
1939£16,431.242.98%
1940£19,185.6116.76%
1941£21,275.1310.89%
1942£22,794.787.14%
1943£23,554.613.33%
1944£24,219.462.82%
1945£24,884.302.75%
1946£25,644.133.05%
1947£27,448.727.04%
1948£29,538.247.61%
1949£30,393.042.89%
1950£31,342.833.13%
1951£34,192.179.09%
1952£37,326.469.17%
1953£38,466.203.05%
1954£39,226.021.98%
1955£40,935.634.36%
1956£43,025.155.10%
1957£44,544.803.53%
1958£45,969.483.20%
1959£46,159.430.41%
1960£46,634.331.03%
1961£48,248.963.46%
1962£50,338.484.33%
1963£51,288.261.89%
1964£52,997.873.33%
1965£55,467.304.66%
1966£57,651.803.94%
1967£59,171.462.64%
1968£61,925.834.65%
1969£65,250.075.37%
1970£69,429.116.40%
1971£75,982.619.44%
1972£81,396.377.13%
1973£88,804.679.10%
1974£103,051.4116.04%
1975£128,030.7024.24%
1976£149,210.8516.54%
1977£172,860.4315.85%
1978£187,202.158.30%
1979£212,276.4113.39%
1980£250,457.6717.99%
1981£280,185.8711.87%
1982£304,310.358.61%
1983£318,272.154.59%
1984£334,133.524.98%
1985£354,458.876.08%
1986£366,521.113.40%
1987£381,812.614.17%
1988£400,523.334.90%
1989£431,676.207.78%
1990£472,516.859.46%
1991£500,250.505.87%
1992£518,961.223.74%
1993£527,224.331.59%
1994£539,951.412.41%
1995£558,662.133.47%
1996£572,149.042.41%
1997£590,099.933.14%
1998£610,330.303.43%
1999£619,733.151.54%
2000£638,063.962.96%
2001£649,366.371.77%
2002£660,193.891.67%
2003£679,284.522.89%
2004£699,514.892.98%
2005£719,270.372.82%
2006£742,255.113.20%
2007£774,072.834.29%
2008£804,940.763.99%
2009£800,666.74-0.53%
2010£837,613.284.61%
2011£881,208.305.20%
2012£909,511.833.21%
2013£937,150.503.04%
2014£959,280.432.36%
2015£968,778.260.99%
2016£985,589.411.74%
2017£1,020,921.333.58%
2018£1,048,486.202.70%
2019£1,074,698.362.50%
2020£1,094,042.931.80%
2021£1,121,302.832.49%
2022£1,209,885.767.90%
2023£1,295,448.887.07%
2024£1,345,971.383.90%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.
Click to show 117 more rows

This conversion table shows various other 1900 amounts in 2023 pounds, based on the 14,725.46% change in prices:

Conversion: 1900 pounds in 2023
Initial valueEquivalent value
£1 pound in 1900£148.25 pounds in 2023
£5 pounds in 1900£741.27 pounds in 2023
£10 pounds in 1900£1,482.55 pounds in 2023
£50 pounds in 1900£7,412.73 pounds in 2023
£100 pounds in 1900£14,825.46 pounds in 2023
£500 pounds in 1900£74,127.31 pounds in 2023
£1,000 pounds in 1900£148,254.62 pounds in 2023
£5,000 pounds in 1900£741,273.11 pounds in 2023
£10,000 pounds in 1900£1,482,546.21 pounds in 2023
£50,000 pounds in 1900£7,412,731.05 pounds in 2023
£100,000 pounds in 1900£14,825,462.10 pounds in 2023
£500,000 pounds in 1900£74,127,310.50 pounds in 2023
£1,000,000 pounds in 1900£148,254,621.01 pounds in 2023

How to calculate inflation rate for £8,738, 1900 to 2023

Our calculations use the following inflation rate formula to calculate the change in value between 1900 and 2023:

CPI in 2023 CPI in 1900
×
1900 GBP value
=
2023 GBP value

Then plug in historical CPI values. The U.K. CPI was 9.2 in the year 1900 and 1363.9425132808383 in 2023:

1363.94251328083839.2
×
£8,738
=
£1,295,448.88

£8,738 in 1900 has the same "purchasing power" or "buying power" as £1,295,448.88 in 2023.

To get the total inflation rate for the 123 years between 1900 and 2023, we use the following formula:

CPI in 2023 - CPI in 1900CPI in 1900
×
100
=
Cumulative inflation rate (123 years)

Plugging in the values to this equation, we get:

1363.9425132808383 - 9.29.2
×
100
=
14,725%

Data source & citation

Raw data for these calculations comes from the composite price index published by the UK Office for National Statistics (ONS). A composite index is created by combining price data from several different published sources, both official and unofficial. The Consumer Price Index, normally used to compute inflation, has only been tracked since 1988. All inflation calculations after 1988 use the Office for National Statistics' Consumer Price Index, except for the current year, which is based on The Bank of England's forecast.

You may use the following MLA citation for this page: “£8,738 in 1900 → 2023 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 29 Mar. 2024, https://www.officialdata.org/uk/inflation/1900?amount=8738&endYear=2023.

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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» Read more about inflation and investment.

Inflation from 1900 to 2023
Cumulative price change14,725.46%
Average inflation rate4.15%
Converted amount
£8,738 base
£1,295,448.88
Price difference
£8,738 base
£1,286,710.88
CPI in 19009.200
CPI in 20231,363.943
Inflation in 19004.55%
Inflation in 20237.07%
£8,738 in 1900£1,295,448.88 in 2023