MAKING SEN$E -- February 8, 2011 at 11:47 AM ET
Tool$ Tuesday: Currency Conversion and Haydn's Messiah
Paul Solman answers questions from NewsHour viewers and web users on business and economic news most days on his Making Sen$e page. Here's Tuesday's query:
Name: Roland Weiser
Question: I would appreciate the name of the site where you can obtain today's value for currency in the past. I'm writing a family memoir: my father worked in Cairo, Egypt as a pharmacist in 1906 and was paid LE 18 [Egyptian Pounds] per month. How much would that be in today's dollar value? I could not find the site, and know you used it for your Haydn story. Many thanks.
Paul Solman: The site I like and use is measuringworth.com. It's an enormously handy tool for converting dollar figures from the past to the present -- and pounds too. Especially interesting is the feature that allows you to compute worth seven different ways: from the CPI to share of GDP. It gives a good sense of how subjective the conversion to 'today's' value can be.
Our story featured Handel, by the way, not Haydn, though I understand your typo: the orchestra that performed the Messiah is "The Handel and Haydn Society." Maybe we'll do a story on Franz Josef Haydn next holiday season, or even on his brother Michael, if someone can suggest an economics angle. Seriously. Who'd have thought we'd get a Making Sen$e story out of the Messiah? Not me.