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Value of 1923 US Dollars today

$100 in 1923
$1,845.35 in 2024

The inflation rate in the United States between 1923 and today has been 1,745.35%, which translates into a total increase of $1,745.35. This means that 100 dollars in 1923 are equivalent to 1,845.35 dollars in 2024. In other words, the purchasing power of $100 in 1923 equals $1,845.35 today. The average annual inflation rate between these periods has been 2.93%.

Inflation timeline in the United States (1923 - 2024)

The following chart depicts the equivalence of $100 due to compound inflation and CPI changes. All values are equivalent in terms of purchasing power, which means that for each year the same goods or services could be bought with the indicated amount of money.

All calculations are performed in the local currency (USD) and using 6 decimal digits. Results show only up to 2 decimal digits to favour readability. Inflation data is provided by governments and international institutions on a monthly basis. Today's values were extrapolated from the latest 12-month rolling average official data.

The following table contains relevant indicators:

Indicator Value
Cumulative inflation 1923-2023 1,687.11%
Cumulative inflation 1923-today 1,745.35%
Avg. Annual inflation 1923-2023 2.93%
CPI 1923 17.05
CPI 2023 304.7
CPI 2024-05 (latest official data) 314.07
CPI today 314.63

How to calculate today's value of money after inflation?

There are several ways to calculate the time value of money. Depending on the data available, results can be obtained by using the Consumer Price Index (CPI) formula or the compound interest formula.

Using the CPI formula

When we have both the start and end years, we can use the following formula:

Valuet =Value0 ×
CPIt/CPI0

To obtain the values equivalent in buying power between 1923 and 2023, use the corresponding CPI values:

Value2023
=Value1923 ×
CPI2023/CPI1923
=$ 100 ×
304.7/17.05
$1,787.11

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 314.63:

Valuetoday
=Value1923 ×
CPItoday/CPI1923
=$ 100 ×
314.63/17.05
$1,845.35

Alternative: Using the compound interest formula

Given that money changes with time as a result of an inflation rate that acts as compound interest, we can use the following formula: FV = PV × (1 + i)n, where:

  • FV: Future Value
  • PV: Present Value
  • i: Interest rate (inflation)
  • n: Number of times the interest is compounded (i.e. # of years)

In this case, the future value represents the final amount obtained after applying the inflation rate to our initial value. In other words, it indicates how much are $100 worth today. There are 100 years between 1923 and 2023 and the average inflation rate was 2.9251%. Therefore, we can resolve the formula like this:

Value2023
=PV × (1 + i)n
=$100 × (1 + 0.029251)100
$1,787.11

US inflation - Conversion table

Initial Value Equivalent value
$1 dollar in 1923 $17.87 dollars in 2023
$5 dollars in 1923 $89.36 dollars in 2023
$10 dollars in 1923 $178.71 dollars in 2023
$50 dollars in 1923 $893.55 dollars in 2023
$100 dollars in 1923 $1,787.11 dollars in 2023
$500 dollars in 1923 $8,935.53 dollars in 2023
$1,000 dollars in 1923 $17,871.06 dollars in 2023
$5,000 dollars in 1923 $89,355.3 dollars in 2023
$10,000 dollars in 1923 $178,710.61 dollars in 2023
$50,000 dollars in 1923 $893,553.03 dollars in 2023
$100,000 dollars in 1923 $1,787,106.06 dollars in 2023
$500,000 dollars in 1923 $8,935,530.3 dollars in 2023
$1,000,000 dollars in 1923 $17,871,060.61 dollars in 2023
Cumulative inflation From 1923 1,745.35%
Avg. annual inflation From 1923 2.93%
CPI 1923 17.05
CPI today 314.63

Value of Dollar over time (by year)

Period Value
1923 100
1924 100.44
1925 102.88
1926 103.81
1927 101.81
1928 100.64
1929 100.64
1930 97.95
1931 89.2
1932 80.01
1933 75.86
1934 78.49
1935 80.5
1936 81.33
1937 84.36
1938 82.65
1939 81.57
1940 82.16
1941 86.36
1942 95.8
1943 101.52
1944 103.18
1945 105.52
1946 114.47
1947 130.94
1948 141.01
1949 139.64
1950 141.15
1951 152.25
1952 155.72
1953 156.99
1954 157.48
1955 157.04
1956 159.43
1957 164.76
1958 169.26
1959 170.97
1960 173.46
1961 175.32
1962 177.42
1963 179.62
1964 181.92
1965 184.8
1966 190.37
1967 195.65
1968 204.01
1969 215.15
1970 227.71
1971 237.49
1972 245.26
1973 260.41
1974 289.2
1975 315.64
1976 333.77
1977 355.47
1978 382.6
1979 425.66
1980 483.33
1981 533.28
1982 565.98
1983 584.16
1984 609.29
1985 630.89
1986 642.86
1987 666.42
1988 693.6
1989 727.08
1990 766.32
1991 798.78
1992 822.97
1993 847.26
1994 869.35
1995 893.74
1996 919.94
1997 941.45
1998 956.06
1999 976.98
2000 1,009.97
2001 1,038.51
2002 1,054.99
2003 1,078.93
2004 1,107.82
2005 1,145.41
2006 1,182.36
2007 1,216.08
2008 1,262.77
2009 1,258.28
2010 1,278.92
2011 1,319.29
2012 1,346.59
2013 1,366.32
2014 1,388.48
2015 1,390.13
2016 1,407.67
2017 1,437.65
2018 1,472.77
2019 1,499.46
2020 1,517.95
2021 1,589.27
2022 1,716.45
2023 1,787.11
2024-05 1,842.05
Today 1,845.35

All available years

Today's value of US dollars by year:

1913 | 1914 | 1915 | 1916 | 1917 | 1918 | 1919 | 1920 | 1921 | 1922 | 1923 | 1924 | 1925 | 1926 | 1927 | 1928 | 1929 | 1930 | 1931 | 1932 | 1933 | 1934 | 1935 | 1936 | 1937 | 1938 | 1939 | 1940 | 1941 | 1942 | 1943 | 1944 | 1945 | 1946 | 1947 | 1948 | 1949 | 1950 | 1951 | 1952 | 1953 | 1954 | 1955 | 1956 | 1957 | 1958 | 1959 | 1960 | 1961 | 1962 | 1963 | 1964 | 1965 | 1966 | 1967 | 1968 | 1969 | 1970 | 1971 | 1972 | 1973 | 1974 | 1975 | 1976 | 1977 | 1978 | 1979 | 1980 | 1981 | 1982 | 1983 | 1984 | 1985 | 1986 | 1987 | 1988 | 1989 | 1990 | 1991 | 1992 | 1993 | 1994 | 1995 | 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |

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