BankNotes4U - For collectors and researchers of banknotes, cheques and banking history

By Roger Outing

When looking at an old cheque, banknote or bill of exchange it is difficult to fully appreciate its financial significance without some assessment of what its value represents in today’s money values. It is easy to overlook the fact that the sum of £200 was a very different matter in 1750, 1850 and 1950.

The real significance of some old financial documents only begins to be revealed when a conversion is made to current values. The Table produced below allows an approximate conversion of old money values to current money values.

For example illustrated at Fig. 1 is a £220 note of 1753 from Childs Bank. This is more than 4 times larger than the top denomination of £50 that the Bank of England issues today. The question is, what was £220 actually worth 250 years ago? Using the Table below we can convert £220 in 1753 to money values today. We can see that in 1750 every £10 equated to £1,050 today. Therefore £220 in 1750 equates to 22 x £1,050 = £23,100 today. Even after making due allowance for the very approximaite nature of this calculation we become aware that this 1753 banknote represents a huge amount of money. It certainly would not have been used in the way that we use a banknote today.

Illustrated in Fig. 2 is a cheque of 1835 on Goslings & Sharpes Bank for £2,000 and signed by George D’Oley. How much would this equate to today? Conversion using the table below indicates that this cheque would have value of £108,000 today. Such a value quickly alters our assessment of its significance.

A final example from the modern era. Fig 3 shows a cheque of 1931 on the Bank of England for £23,000 and signed on behalf of Barclays Bank. The current money value of this cheque would be approximaitely £637,000. Perhaps the fact that the cheque is payable to ‘banknotes’ provides a clue as to the reason behind such a large amount

18^th Century.

Every £10 in 1700 = £920 today.

Every £10 in 1710 = £780 today.

Every £10 in 1720 = £980 today.

Every £10 in 1730 = £1,030 today.

Every £10 in 1740 = £960 today.

Every £10 in 1750 = £1,050 today.

Every £10 in 1760 = £960 today.

Every £10 in 1770 = £870 today.

Every £10 in 1780 = £850 today.

Every £10 in 1790 = £710 today.

Every £10 in 1800 = £400 today.

19^th Century.

Every £10 in 1800 = £400 today.

Every £10 in 1810 = £370 today.

Every £10 in 1820 = £460 today.

Every £10 in 1830 = £540 today.

Every £10 in 1840 = £481 today.

Every £10 in 1850 = £640 today.

Every £10 in 1860 = £470 today.

Every £10 in 1870 = £500 today.

Every £10 in 1880 = £530 today.

Every £10 in 1890 = £650 today.

Every £10 in 1900 = £620 today.

20^th Century.

Every £10 in 1900 = £620 today.

Every £10 in 1905 = £630 today.

Every £10 in 1910 = £620 today.

Every £10 in 1915 = £470 today.

Every £10 in 1920 = £240 today.

Every £10 in 1925 = £370 today.

Every £10 in 1930 = £490 today.

Every £10 in 1935 = £540 today.

Every £10 in 1940 = £390 today.

Every £10 in 1945 = £270 today.

Every £10 in 1950 = £200 today.

Every £10 in 1955 = £160 today.

Every £10 in 1960 = £140 today.

Every £10 in 1965 = £120 today.

Every £10 in 1970 = £95 today.

Every £10 in 1975 = £51 today.

Every £10 in 1980 = £26 today.

All values are rounded to nearest £10 .

Source: These calculations are derived from the Retail Price Index Comparisons before 1900 should be treated as a general indication only and not a precise assessment. Information taken from “Purchasing Power of British Pound 1264 to2002” which can be found on the Economic History website at www.EH.net. The site is well worth a visit of you require more information on this topic.

List of illustrations:

Childs Bank, £220 note of 1753.
Goslings & Sharpe, cheque for £2000, 1835.
Bank of England, cheque for £23,000, 1931.

Back To Top