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Value of 1928 US Dollars today

$100 in 1928
$1,833.7 in 2024

The inflation rate in the United States between 1928 and today has been 1,733.7%, which translates into a total increase of $1,733.7. This means that 100 dollars in 1928 are equivalent to 1,833.7 dollars in 2024. In other words, the purchasing power of $100 in 1928 equals $1,833.7 today. The average annual inflation rate between these periods has been 3.08%.

Inflation timeline in the United States (1928 - 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 1928-2023 1,675.82%
Cumulative inflation 1928-today 1,733.7%
Avg. Annual inflation 1928-2023 3.07%
CPI 1928 17.16
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 1928 and 2023, use the corresponding CPI values:

Value2023
=Value1928 ×
CPI2023/CPI1928
=$ 100 ×
304.7/17.16
$1,775.82

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

Valuetoday
=Value1928 ×
CPItoday/CPI1928
=$ 100 ×
314.63/17.16
$1,833.7

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 95 years between 1928 and 2023 and the average inflation rate was 3.0746%. Therefore, we can resolve the formula like this:

Value2023
=PV × (1 + i)n
=$100 × (1 + 0.030746)95
$1,775.82

US inflation - Conversion table

Initial Value Equivalent value
$1 dollar in 1928 $17.76 dollars in 2023
$5 dollars in 1928 $88.79 dollars in 2023
$10 dollars in 1928 $177.58 dollars in 2023
$50 dollars in 1928 $887.91 dollars in 2023
$100 dollars in 1928 $1,775.82 dollars in 2023
$500 dollars in 1928 $8,879.11 dollars in 2023
$1,000 dollars in 1928 $17,758.23 dollars in 2023
$5,000 dollars in 1928 $88,791.14 dollars in 2023
$10,000 dollars in 1928 $177,582.27 dollars in 2023
$50,000 dollars in 1928 $887,911.36 dollars in 2023
$100,000 dollars in 1928 $1,775,822.73 dollars in 2023
$500,000 dollars in 1928 $8,879,113.65 dollars in 2023
$1,000,000 dollars in 1928 $17,758,227.29 dollars in 2023
Cumulative inflation From 1928 1,733.7%
Avg. annual inflation From 1928 3.08%
CPI 1928 17.16
CPI today 314.63

Value of Dollar over time (by year)

Period Value
1928 100
1929 100
1930 97.33
1931 88.64
1932 79.5
1933 75.38
1934 78
1935 79.99
1936 80.82
1937 83.83
1938 82.13
1939 81.06
1940 81.64
1941 85.82
1942 95.19
1943 100.87
1944 102.53
1945 104.86
1946 113.74
1947 130.11
1948 140.12
1949 138.76
1950 140.26
1951 151.29
1952 154.74
1953 156
1954 156.48
1955 156.05
1956 158.43
1957 163.72
1958 168.19
1959 169.89
1960 172.37
1961 174.21
1962 176.3
1963 178.48
1964 180.77
1965 183.63
1966 189.17
1967 194.41
1968 202.72
1969 213.79
1970 226.27
1971 235.99
1972 243.71
1973 258.77
1974 287.37
1975 313.65
1976 331.67
1977 353.23
1978 380.18
1979 422.97
1980 480.28
1981 529.92
1982 562.41
1983 580.48
1984 605.44
1985 626.91
1986 638.81
1987 662.21
1988 689.22
1989 722.49
1990 761.49
1991 793.73
1992 817.78
1993 841.91
1994 863.87
1995 888.1
1996 914.13
1997 935.5
1998 950.02
1999 970.81
2000 1,003.59
2001 1,031.96
2002 1,048.32
2003 1,072.12
2004 1,100.83
2005 1,138.17
2006 1,174.89
2007 1,208.41
2008 1,254.8
2009 1,250.34
2010 1,270.84
2011 1,310.96
2012 1,338.09
2013 1,357.69
2014 1,379.72
2015 1,381.35
2016 1,398.78
2017 1,428.57
2018 1,463.47
2019 1,489.99
2020 1,508.37
2021 1,579.23
2022 1,705.61
2023 1,775.82
2024-05 1,830.42
Today 1,833.7

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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