Value of $1 from 1904 to 2017
$1 in 1904 is equivalent in purchasing power to about $27.54 in 2017, an increase of $26.54 over 113 years. The dollar had an average inflation rate of 2.98% per year between 1904 and 2017, producing a cumulative price increase of 2,654.16%.
This means that prices in 2017 are 27.54 times as high as average prices since 1904, according to the Bureau of Labor Statistics consumer price index.
The inflation rate in 1904 was 1.14%. The inflation rate in 2017 was 2.13%. The 2017 inflation rate is lower compared to the average inflation rate of 3.67% per year between 2017 and 2024.
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| Cumulative price change | 2,654.16% |
| Average inflation rate | 2.98% |
| Converted amount $1 base | $27.54 |
| Price difference $1 base | $26.54 |
| CPI in 1904 | 8.900 |
| CPI in 2017 | 245.120 |
| Inflation in 1904 | 1.14% |
| Inflation in 2017 | 2.13% |
| $1 in 1904 | $27.54 in 2017 |
Buying power of $1 in 1904
This chart shows a calculation of buying power equivalence for $1 in 1904 (price index tracking began in 1635).
For example, if you started with $1, you would need to end with $27.54 in order to "adjust" for inflation (sometimes refered to as "beating inflation").
When $1 is equivalent to $27.54 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 1904 dollars, the chart below shows how $1 is worth less over 113 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 1904 amounts in 2017 dollars, based on the 2,654.16% change in prices:
| Initial value | Equivalent value |
|---|---|
| $1 dollar in 1904 | $27.54 dollars in 2017 |
| $5 dollars in 1904 | $137.71 dollars in 2017 |
| $10 dollars in 1904 | $275.42 dollars in 2017 |
| $50 dollars in 1904 | $1,377.08 dollars in 2017 |
| $100 dollars in 1904 | $2,754.16 dollars in 2017 |
| $500 dollars in 1904 | $13,770.79 dollars in 2017 |
| $1,000 dollars in 1904 | $27,541.57 dollars in 2017 |
| $5,000 dollars in 1904 | $137,707.87 dollars in 2017 |
| $10,000 dollars in 1904 | $275,415.73 dollars in 2017 |
| $50,000 dollars in 1904 | $1,377,078.65 dollars in 2017 |
| $100,000 dollars in 1904 | $2,754,157.30 dollars in 2017 |
| $500,000 dollars in 1904 | $13,770,786.52 dollars in 2017 |
| $1,000,000 dollars in 1904 | $27,541,573.03 dollars in 2017 |
Inflation by Country
Inflation can also vary widely by country. For comparison, in the UK £1.00 in 1904 would be equivalent to £115.58 in 2017, an absolute change of £114.58 and a cumulative change of 11,458.06%.
Compare these numbers to the US's overall absolute change of $26.54 and total percent change of 2,654.16%.
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 1904 and 2017.
Compare these values to the overall average of 2.98% per year:
| Category | Avg Inflation (%) | Total Inflation (%) | $1 in 1904 → 2017 |
|---|---|---|---|
| Food and beverages | 4.01 | 8,402.42 | 85.02 |
| Housing | 4.29 | 11,395.38 | 114.95 |
| Apparel | 2.07 | 913.83 | 10.14 |
| Transportation | 3.29 | 3,769.79 | 38.70 |
| Medical care | 4.80 | 19,812.21 | 199.12 |
| Recreation | 1.12 | 251.89 | 3.52 |
| Education and communication | 1.97 | 806.59 | 9.07 |
| Other goods and services | 5.15 | 29,169.60 | 292.70 |
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 1904. This table and charts use the earliest available data for each category.
How to calculate inflation rate for $1, 1904 to 2017
Our calculations use the following inflation rate formula to calculate the change in value between 1904 and 2017:
CPI in 2017 CPI in 1904
×
1904 USD value
=
2017 USD value
Then plug in historical CPI values. The U.S. CPI was 8.9 in the year 1904 and 245.12 in 2017:
245.128.9
×
$1
=
$27.54
$1 in 1904 has the same "purchasing power" or "buying power" as $27.54 in 2017.
To get the total inflation rate for the 113 years between 1904 and 2017, we use the following formula:
CPI in 2017 - CPI in 1904CPI in 1904
×
100
=
Cumulative inflation rate (113 years)
Plugging in the values to this equation, we get:
245.12 - 8.98.9
×
100
=
2,654%
Comparison to S&P 500 Index
The average inflation rate of 2.98% has a compounding effect between 1904 and 2017. As noted above, this yearly inflation rate compounds to produce an overall price difference of 2,654.16% over 113 years.
To help put this inflation into perspective, if we had invested $1 in the S&P 500 index in 1904, our investment would be nominally worth approximately $46,312.51 in 2017. This is a return on investment of 4,631,150.97%, with an absolute return of $46,311.51 on top of the original $1.
These numbers are not inflation adjusted, so they are considered nominal. In order to evaluate the real return on our investment, we must calculate the return with inflation taken into account.
The compounding effect of inflation would account for 96.37% of returns ($44,630.96) during this period. This means the inflation-adjusted real return of our $1 investment is $1,680.55. You may also want to account for capital gains tax, which would take your real return down to around $1,428 for most people.
| Original Amount | Final Amount | Change | |
|---|---|---|---|
| Nominal | $1 | $46,312.51 | 4,631,150.97% |
| Real Inflation Adjusted | $1 | $1,681.55 | 168,054.92% |
Information displayed above may differ slightly from other S&P 500 calculators. Minor discrepancies can occur because we use the latest CPI data for inflation, annualized inflation numbers for previous years, and we compute S&P price and dividends from January of 1904 to latest available data for 2017 using average monthly close price.
For more details on the S&P 500 between 1904 and 2017, see the stock market returns calculator.
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 1904 → 2017 | Inflation Calculator.” Official Inflation Data, Alioth Finance, 20 Dec. 2024, https://www.officialdata.org/1904-dollars-in-2017?amount=1.
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 | 2,654.16% |
| Average inflation rate | 2.98% |
| Converted amount $1 base | $27.54 |
| Price difference $1 base | $26.54 |
| CPI in 1904 | 8.900 |
| CPI in 2017 | 245.120 |
| Inflation in 1904 | 1.14% |
| Inflation in 2017 | 2.13% |
| $1 in 1904 | $27.54 in 2017 |