Just a post if anyone can help with what would three pence, six pence, shilling and florin be worth in today's money??
In 1966 when decimal currency was introduced three pence converted to 3c six pence 5c shilling 10c and a florin was 20c What's the inflation rate over the past 50 years ? I stand corrected on the above
The Reserve Bank have pre and post decimal in inflation calculators, but they don't allow scenarios that cross eras. http://www.rba.gov.au/calculator/quarterDecimal.html The calculator shows that a shilling in March 1966 would have the purchasing power of $1.26 in December 2015.
2s = 20c 1s = 12p = 10c 6p = 5c 1p = 5/6c 3p = 3x(5/6)c = 2.5c (A) Inflation wise, a couple of sources indicate $1(1966) is about $12.5(2015), so:- 2s = $2.50 1s = $1.25 6p = $0.63 3p = $0.31 (B) or viewed another way, multiplying by 1/12.5, gives the equivalent buying power today of:- 2s = 1.6c instead of 20c 1s = $0.8c instead of 10c 6p = $0.4c instead of 5c 3p = $0.2c instead of 2.5c @spot=$21, the silver content (50%) is now worth:- (C) Post-1946 (50%) :- 2s = $3.82 1s = $1.91 6p = $0.95 3p = $0.48 (D) Pre-1946 (92.5%) :- 2s = $7.06 1s = $3.53 6p = $1.76 3p = $0.88 Comparing tables (C) & (D) with table (B), we see that silver has been an absolutely brilliant and magnificent hedge against inflation!! (I reckon inflation might be worse than indicated. I remember buying a 4'n'20 pie at the school tuck shop for 1s, so it should cost $1.25 now, but they're about 3 times that...)
Clarification. For table (B), of course 2s still has the buying power of 20c today, but 20c to 1.6c shows the buying power it has lost. It's face value is 20 2016 cents, but it's actual value is 1.6 1966 cents
^ That's the point I was about to make. Try buying a meat pie with sauce, a paddle pop and a sherbert bomb for lunch with $2.52 (2 shillings) these days
In the 50's I stole 2shillings from the side of a piano as we tots danced around in a circle. I bought a packet of chips, medium size coke and 3 musk sticks with it.
The value of the dollar has gone down....what it will buy you, as you need more now to buy what you could once buy at a much cheaper price :-(...but thats inflation for you... Cheers, HAPPY STACKING
A pie with a pea floater was a shilling when I was a kid. Sausage roll - sixpence Soft drink - sixpence Milk was so cheap that a small bottle was given to each primary student for free during morning break.
I grew up in Perth. In 1966 mum would give me 10c each Monday to buy my school lunch. I vividly remember that 10c would buy me the then minimum serve of chips at the local fish & chip shop. I never had more friends than on Mondays! In 1966 I remember finding a 50c piece. Wow, I felt like an absolute millionaire! Later, in 1969 I had to start taking the bus each day to school. I trip on the MTT bus from Applecross to East Perth (Trinity College) cost 3c. I'm sure this was still a left over of the threepence fare. In Perth we also got a 1/3 Pint of Milk each morning at school, just like Steve. In the late 60s a copy of the West Australian newspaper was 5c and the afternoon paper the Daily News was the same. A daily paper is over $1 nowadays. If 50c back then bought 10 newspapers, the equivalent today would be at least $10? I guess the old silver 50c has held it value reasonably well then. A standard postage stamp for a letter then was 5c, a blue stamp with the Queen on it. What is it now? A dollar?
If you could buy something for 1 or 2 when the bronze coins were withdrawn it'd be worth 40% more 24 years later according to the RBA's calculator. An ounce of gold would be worth $493 if it rose in line with inflation. So what items have risen less than inflation? TVs, computers, video recorders, microwave ovens? Cars perhaps?
Yes, back when taxes usually achieved something near dollar for dollar. The free milk was a '' health and equity" program. Those summer days with milk near 'turning' almost put me off it for life.
"health and equity" quoted, since I remember something about poor kids being underfed, (judging by my schoolyard it was a legitimate concern) milk improving bones etc, and no doubt the dairy farmers thought it was a good idea too. I'd rather be buying children free milk with my taxes than most of the things it pays for nowadays.
