What would be the value of a pound in 1963 today? Any ideas? (of course back then there were 240pence to the pound....)

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.

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

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.

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.