Value of $58,000,000 from 1829 to 2016
$58,000,000 in 1829 is equivalent in purchasing power to about $1,496,817,849.46 in 2016, an increase of $1,438,817,849.46 over 187 years. The dollar had an average inflation rate of 1.75% per year between 1829 and 2016, producing a cumulative price increase of 2,480.72%.
This means that prices in 2016 are 25.81 times as high as average prices since 1829, according to the Bureau of Labor Statistics consumer price index.
The inflation rate in 1829 was -2.11%. The inflation rate in 2016 was 1.26%. The 2016 inflation rate is lower compared to the average inflation rate of 3.48% per year between 2016 and 2024.
Contents
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| Cumulative price change | 2,480.72% |
| Average inflation rate | 1.75% |
| Converted amount $58,000,000 base | $1,496,817,849.46 |
| Price difference $58,000,000 base | $1,438,817,849.46 |
| CPI in 1829 | 9.300 |
| CPI in 2016 | 240.007 |
| Inflation in 1829 | -2.11% |
| Inflation in 2016 | 1.26% |
| $58,000,000 in 1829 | $1,496,817,849.46 in 2016 |
Buying power of $58,000,000 in 1829
This chart shows a calculation of buying power equivalence for $58,000,000 in 1829 (price index tracking began in 1635).
For example, if you started with $58,000,000, you would need to end with $1,496,817,849.46 in order to "adjust" for inflation (sometimes refered to as "beating inflation").
When $58,000,000 is equivalent to $1,496,817,849.46 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 1829 dollars, the chart below shows how $58,000,000 is worth less over 187 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 1829 amounts in 2016 dollars, based on the 2,480.72% change in prices:
| Initial value | Equivalent value |
|---|---|
| $1 dollar in 1829 | $25.81 dollars in 2016 |
| $5 dollars in 1829 | $129.04 dollars in 2016 |
| $10 dollars in 1829 | $258.07 dollars in 2016 |
| $50 dollars in 1829 | $1,290.36 dollars in 2016 |
| $100 dollars in 1829 | $2,580.72 dollars in 2016 |
| $500 dollars in 1829 | $12,903.60 dollars in 2016 |
| $1,000 dollars in 1829 | $25,807.20 dollars in 2016 |
| $5,000 dollars in 1829 | $129,036.02 dollars in 2016 |
| $10,000 dollars in 1829 | $258,072.04 dollars in 2016 |
| $50,000 dollars in 1829 | $1,290,360.22 dollars in 2016 |
| $100,000 dollars in 1829 | $2,580,720.43 dollars in 2016 |
| $500,000 dollars in 1829 | $12,903,602.15 dollars in 2016 |
| $1,000,000 dollars in 1829 | $25,807,204.30 dollars in 2016 |
Inflation by Country
Inflation can also vary widely by country. For comparison, in the UK £58,000,000.00 in 1829 would be equivalent to £5,843,359,223.30 in 2016, an absolute change of £5,785,359,223.30 and a cumulative change of 9,974.76%.
Compare these numbers to the US's overall absolute change of $1,438,817,849.46 and total percent change of 2,480.72%.
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 1829 and 2016.
Compare these values to the overall average of 1.75% per year:
| Category | Avg Inflation (%) | Total Inflation (%) | $58,000,000 in 1829 → 2016 |
|---|---|---|---|
| Food and beverages | 4.07 | 175,186.15 | 101,665,967,651.27 |
| Housing | 4.32 | 269,614.99 | 156,434,692,010.24 |
| Apparel | 2.09 | 4,726.34 | 2,799,277,976.95 |
| Transportation | 3.29 | 42,176.75 | 24,520,517,762.66 |
| Medical care | 4.82 | 671,074.52 | 389,281,220,891.21 |
| Recreation | 1.11 | 690.65 | 458,574,294.04 |
| Education and communication | 2.14 | 5,154.98 | 3,047,890,350.91 |
| Other goods and services | 5.21 | 1,342,793.21 | 778,878,063,158.16 |
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 1829. This table and charts use the earliest available data for each category.
How to calculate inflation rate for $58,000,000, 1829 to 2016
Our calculations use the following inflation rate formula to calculate the change in value between 1829 and 2016:
CPI in 2016 CPI in 1829
×
1829 USD value
=
2016 USD value
Then plug in historical CPI values. The U.S. CPI was 9.3 in the year 1829 and 240.007 in 2016:
240.0079.3
×
$58,000,000
=
$1,496,817,849.46
$58,000,000 in 1829 has the same "purchasing power" or "buying power" as $1,496,817,849.46 in 2016.
To get the total inflation rate for the 187 years between 1829 and 2016, we use the following formula:
CPI in 2016 - CPI in 1829CPI in 1829
×
100
=
Cumulative inflation rate (187 years)
Plugging in the values to this equation, we get:
240.007 - 9.39.3
×
100
=
2,481%
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: “$58,000,000 in 1829 → 2016 | Inflation Calculator.” Official Inflation Data, Alioth Finance, 21 Nov. 2024, https://www.officialdata.org/1829-dollars-in-2016?amount=58000000.
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 | 2,480.72% |
| Average inflation rate | 1.75% |
| Converted amount $58,000,000 base | $1,496,817,849.46 |
| Price difference $58,000,000 base | $1,438,817,849.46 |
| CPI in 1829 | 9.300 |
| CPI in 2016 | 240.007 |
| Inflation in 1829 | -2.11% |
| Inflation in 2016 | 1.26% |
| $58,000,000 in 1829 | $1,496,817,849.46 in 2016 |