What $1 Could Buy the Year You Were Born
In 2023, $1 can't buy that much in terms of goods and services. However, you might be surprised at how much $1 could buy in the past. Remember when $1 could buy six Hershey's chocolate bars? If you were alive in 1973, you might. What's the cost of 3 gallons of gas today in your neighborhood? Ten dollars? More? In 1966, those 3 gallons were less than $1.
Find Out: Here's How Much Money Experts Say You Should Have in Your Savings Account If You're in Your 50s
Learn: How To Build Your Savings From Scratch
While these examples are fun to look at, they're also an important representation of the devastating power of inflation. Over time, inflation reduces the purchasing power of a dollar, as exemplified by these various items. Ten or 20 years from now, you may look back yet again and be amazed at how "cheap" things were in 2022, as inflation will no doubt have driven prices higher still in the future.
To see how much $1 could have purchased in the year you were born, GOBankingRates took a sample of prices from 1940 to 2022. For each year, you'll see an example of a common good or service that cost about $1. The list is not only interesting but also educational, as it points out in black and white how the purchasing power of $1 declines over time. Check out your birth year and you may get a chuckle out of what $1 could buy in that year.
1940-1944
1940: School bag, $0.98
1941: 2-gallon aquarium, $0.98
1942: Women's dress, $1.00
1943: Handbag, $1.00
1944: 3-piece toy set (doll, Klik-Klak and teether), $1.05
Next: Unplug These Appliances That Hike Up Your Electricity Bill
$2,000 Quarter? Check Your Pockets Before You Use This 2004 Coin
1945-1949
1945: B-29 Boeing Super Fortress Bomber model kit, $0.95
1946: 2 RCA Victor records, $0.89
1947: Apple tree, $0.98
1948: Men's belt, $0.94
1949: Boy's cotton shirt, $0.97
Also Read: Check Your $2 Bills -- They Could Be Worth Upwards of $4,500
1950-1954
1950: Throw pillow, $0.80
1951: Baseball cap, $0.95
1952: 1 cake pan & 6 custard cups, $1.05
1953: 1 quart of paint, $0.98
1954: 4-piece screwdriver set, $0.98
1955-1959
1955: 2 McDonald's meals (1 burger, fries and soda), $0.70
1956: Hair spray, $1.05
1957: Baby gown, $0.87
1958: Bath towel, $0.91
1959: Pitcher, $0.91
Social Security: Proposal for $2,400 Extra in Checks Expanded and Reintroduced in Congress
1960-1964
1960: Tights/nylons, $0.94
1961: 2 Sunday New York Times, $1.00
1962: 1 yard of fabric, $0.94
1963: Movie ticket, $0.86
1964: 2,000 cigarette papers, $0.97
1965-1969
1965: Rifle carrying case, $0.88
1966: 3 gallons of gas, $0.96
1967: 2 Big Macs, $0.90
1968: Baby blanket, $1.00
1969: Set of greeting cards, $0.99
1970-1974
1970: 2 pillowcases, $0.88
1971: Rake, $1.09
1972: Wrench, $0.98
1973: 6 Hershey's bars, $0.90
1974: Barbie outfit, $0.77
Look: 7 Affordable Places To Retire If You Love the Great Outdoors
1975-1979
1975: 50 vitamins, $1.00
1976: Knee socks, $0.99
1977: Skein of yarn, $0.97
1978: 6 first-class postage stamps, $0.90
1979: 8 guitar picks, $0.98
1980-1984
1980: 1/2 gallon milk, $1.02
1981: 1 dozen eggs, $0.97
1982: Pack of cigarettes, $0.82
1983: 2 D batteries, $0.99
1984: 1 pound of grapes, $0.99
1985-1989
1985: California Lottery ticket, $1
1986: 3 shots of bourbon, $0.97
1987: 2 bags of gift wrapping bows, $1
1988: 4 packs of gum, $1
1989: 1 gallon of gas, $1
Social Security: Romney Asks Why 25% Drop in Funds Isn't in Biden's Budget
1990-1994
1990: 1 share of Microsoft, $0.94
1991: 1 share of Disney, $1
1992: 1/2 pound bacon, $0.93
1993: 4 vending machine toys/gumballs, $1
1994: 1/2 bag of potato chips, $1
1995-1999
1995: Ballpoint pen ink refill, $1
1996: 1/2 pound chicken breast, $0.96
1997: Die-cast Nascar model, $1.33
1998: 2 liters cola, $0.98
1999: 11 green Lego bricks, $0.98
2000-2004
2000: Loaf of bread, $0.99
2001: Postage for three letters, $1.02
2002: Taco Bell bean burrito, $0.69
2003: Ticket to Blink-182's DollaBill Tour, $1
2004: 1 share of Apple, $0.94
Social Security: Whether You're 62, 65, 67 or 70, Here's Why Your Age Matters
2005-2009
2005: 10 KWHs electricity, $1
2006: 2 pounds bananas, $0.96
2007: iTunes track, $0.99
2008: Slice of New York pizza, $1
2009: 1/2 a weekday New York Times, $1
2010-2014
2010: 1/3 gallon of gas, $0.93
2011: 1/3 pound ground beef, $1
2012: Fitness app, $0.99
2013: 1 pound of navel oranges, $1
2014: 1 car air freshener, $1
2015-2019
2015: 50GB of storage (iCloud), $0.99
2016: Shot of whiskey, $0.99
2017: Makeup brush set, $0.89
2018: A dozen Krispy Kreme donuts, $1
2019: 4 dry erase markers, $1
Find Out: 6 Big Shakeups to Social Security in 2023
2020-2022
2020: Wendy's Frosty (small), $0.99
2021: Amazon Kindle eBook, $.99
2022: A can of soda, $0.75
More From GOBankingRates
Social Security: 20% Cuts to Your Payments May Come Sooner Than Expected
See GOBankingRates' Top 100 Most Influential Money Experts and Get Advice
What's the Best Small Business in Your State? Vote For Your Favorite
This article originally appeared on GOBankingRates.com: What $1 Could Buy the Year You Were Born
