Value of $1 from 1700 to 1724
$1 in 1700 is equivalent in purchasing power to about $1.05 in 1724, an increase of $0.05 over 24 years. The dollar had an average inflation rate of 0.20% per year between 1700 and 1724, producing a cumulative price increase of 4.88%.
This means that prices in 1724 are 1.05 times as high as average prices since 1700, according to the Bureau of Labor Statistics consumer price index.
The inflation rate in 1700 was -2.38%. The inflation rate in 1724 was 2.38%. The 1724 inflation rate is higher compared to the average inflation rate of 1.44% per year between 1724 and 2024.
Contents
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| Cumulative price change | 4.88% |
| Average inflation rate | 0.20% |
| Converted amount $1 base | $1.05 |
| Price difference $1 base | $0.05 |
| CPI in 1700 | 4.100 |
| CPI in 1724 | 4.300 |
| Inflation in 1700 | -2.38% |
| Inflation in 1724 | 2.38% |
| $1 in 1700 | $1.05 in 1724 |
Buying power of $1 in 1700
This chart shows a calculation of buying power equivalence for $1 in 1700 (price index tracking began in 1635).
For example, if you started with $1, you would need to end with $1.05 in order to "adjust" for inflation (sometimes refered to as "beating inflation").
When $1 is equivalent to $1.05 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 1700 dollars, the chart below shows how $1 is worth less over 24 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:
This conversion table shows various other 1700 amounts in 1724 dollars, based on the 4.88% change in prices:
| Initial value | Equivalent value |
|---|---|
| $1 dollar in 1700 | $1.05 dollars in 1724 |
| $5 dollars in 1700 | $5.24 dollars in 1724 |
| $10 dollars in 1700 | $10.49 dollars in 1724 |
| $50 dollars in 1700 | $52.44 dollars in 1724 |
| $100 dollars in 1700 | $104.88 dollars in 1724 |
| $500 dollars in 1700 | $524.39 dollars in 1724 |
| $1,000 dollars in 1700 | $1,048.78 dollars in 1724 |
| $5,000 dollars in 1700 | $5,243.90 dollars in 1724 |
| $10,000 dollars in 1700 | $10,487.80 dollars in 1724 |
| $50,000 dollars in 1700 | $52,439.02 dollars in 1724 |
| $100,000 dollars in 1700 | $104,878.05 dollars in 1724 |
| $500,000 dollars in 1700 | $524,390.24 dollars in 1724 |
| $1,000,000 dollars in 1700 | $1,048,780.49 dollars in 1724 |
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 1700 and 1724.
Compare these values to the overall average of 0.20% per year:
| Category | Avg Inflation (%) | Total Inflation (%) | $1 in 1700 → 1724 |
|---|---|---|---|
| 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 |
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 1700. This table and charts use the earliest available data for each category.
How to calculate inflation rate for $1, 1700 to 1724
Our calculations use the following inflation rate formula to calculate the change in value between 1700 and 1724:
CPI in 1724 CPI in 1700
×
1700 USD value
=
1724 USD value
Then plug in historical CPI values. The U.S. CPI was 4.1 in the year 1700 and 4.3 in 1724:
4.34.1
×
$1
=
$1.05
$1 in 1700 has the same "purchasing power" or "buying power" as $1.05 in 1724.
To get the total inflation rate for the 24 years between 1700 and 1724, we use the following formula:
CPI in 1724 - CPI in 1700CPI in 1700
×
100
=
Cumulative inflation rate (24 years)
Plugging in the values to this equation, we get:
4.3 - 4.14.1
×
100
=
5%
Data source & citation
Raw data for these calculations comes from the Bureau of Labor Statistics' Consumer Price Index (CPI), established in 1913. Price index data from 1774 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. Price index data from 1634 to 1773 is from the American Antiquarian Society, using British pound equivalents.
You may use the following MLA citation for this page: “$1 in 1700 → 1724 | Inflation Calculator.” Official Inflation Data, Alioth Finance, 1 Nov. 2024, https://www.officialdata.org/us/inflation/1700?amount=1&endYear=1724.
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.
| Cumulative price change | 4.88% |
| Average inflation rate | 0.20% |
| Converted amount $1 base | $1.05 |
| Price difference $1 base | $0.05 |
| CPI in 1700 | 4.100 |
| CPI in 1724 | 4.300 |
| Inflation in 1700 | -2.38% |
| Inflation in 1724 | 2.38% |
| $1 in 1700 | $1.05 in 1724 |