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Something that cost a £1 in 1963 - how much would it be today?

Discussion in 'General Chat' started by Kieron, Oct 30, 2008.

  1. Kieron

    Kieron Moderator

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    What would be the value of a pound in 1963 today?

    Any ideas?

    (of course back then there were 240pence to the pound....)
  2. fortean

    fortean Member

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    It depends what it is really. For example, in 1971 a packet of 10 cigs was the same as a loaf of bread, 19p. But now the loaf cost about £1.20 and the cigs about £2.90.

    In 1963 I could buy an Airfix model aircraft, a tube of glue and some sweets for half a crown (12.5p).

    By the way, it was 240d to the pound or 240 pennies; pence was introduced for decimal.

    Edit:
    Just remembered another good example. A mono LP in 1963 would cost £1 whilst the stereo version would be 1 Guinea.
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    Last edited: Oct 30, 2008
  3. loz

    loz Active Member

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    based on the retail price index, I recon about £15

    http://www.statistics.gov.uk/downloads/theme_economy/RP02.pdf

    approximately...

    £1 in 1962 was worth £1.90 in 1974 when they reset the index to 100
    from 1974 to 87 the index went up to nearly 400 (so 4x increase)
    so £1.90 becomes £7.60
    Then in 87 they reset to 100
    and currently it is 219, so about 2x
    so £7.60 becomes £15.20
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  4. Kieron

    Kieron Moderator

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    I'm basically trying to piece together the relative amount of money my Grandparents spent on the following watch back in 1963.

    Back then it was £58.0.0

    Going from the following site...

    Measuring Worth - Purchasing Power of British Pound

    ... we are looking at nearly £2K using average earnings or £874 using the retail price index

    It's the watch on the left.

    Attached Files:

  5. loz

    loz Active Member

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    Which as I said is 15x
  6. fortean

    fortean Member

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    Just tried that calculator to see what £1200 pounds from 1958 is worth now; just over £51000 now using average earnings.

    Interesting that £1200 is what my parents paid for their house which was last sold for £235000 in 2007.
  7. loz

    loz Active Member

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    and will be back down to £1200 come 2009 :eek::rolleyes:
  8. loz

    loz Active Member

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