Expert: Michael Troy - 3/10/2005

Question
Hello, Michael.

My own subject being the French Revolution, I am trying, insofar as it is even possible, to eqate earning power of the era to today.

We have it from Thomas Jefferson that in an around 1790, 1440 Livre was the equivalent of $256US.

The question is, "what did a dollar "mean" in Jefferson's time?"

The only possible comparisons could be along the lines of what the average tradesman in varisous fields--say carpenters, masons and blacksmith/farriers--back then earned in a week/month, as compared to what such people earn on average today.

If I could build up a picture of enough such information, I could calculate (say, and roughly) what it would cost today to build the Palace of Versailes--and just how exorbitantly wealthy the average French Archbishop was in comparison to the typical country curate.

I don't suppose you know where I could find such info on typical dollar wages during the Jeffersonian era?

Regards,
Dan O'Hanlon


Answer
Hi Dan,

I would be very careful about making any such comparisons.  France when through a period of hyper-inflation in the early 1700's.  During the American Revoultion and in the years following, the Continental Dollar went through its own hyper-inflation.  During the French Revolution, the Livre went through another period of hyper-inflation.

For example, I read one account where "a sack of wheat which before that had been valued at only 50 livres in Paris, went up to 60 livres in February 1793 and to 100 and 150 livres in the month of May."  

So, the exchange rate at one time could be very different from the month before or a month later.  Currency was son fluid in value that people with any real wealth tried to keep it in land or precious metals that did not lose value so quickly.  

Most tradesmen tended to work on the barter system.  They got some money, but since there were no income taxes or other reasons to keep track, there are not really good records on what people did make.

I can tell you that in the Continental Army, Private soldiers were paid 6 2/3 dollars per month; Corporal 7 1/3 dollars per month; and Sergeants 8 dollars per month.  Of course, they were paid in Script, which was basically a promise that the note could be exchanged for silver at some future date.  Therefore, many businesses would not accept the Script, or would only at a discount.  In New York in 1778 for example, it took about 8 dollars in script to get one silver dollar.

You may also find this site interesting:

http://www.lepg.org/money.htm

Sorry to give such a messy answer, but the monetary system of the 18th Century was disasterous compared to today.

- Mike