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Canonical Currency in Present-Day Terms (2018)

Canonical Currency in Present-Day Terms (2018)

“An intricate and elaborate calculation.”

– The Adventure of the Dancing Men (DANC)

Image courtesy of Jean Upton

Now that the holiday season is behind us and the inevitable bills begin to roll in, it’s an appropriate time to think of money. For example, that Christmas goose in “The Blue Carbuncle” cost 7/6 (that’s seven shillings and sixpence, or 37.5 pence in decimal currency) at wholesale, and 12 shillings (60 pence) at retail. In 2017, it’s not so easy to buy a Christmas goose (let alone one that includes “the feathers, legs, crop, and so on”) but Butterball turkeys were on sale for $1.99 a pound at my local supermarket.

We might conclude that 12 shillings in the early 1890s corresponds to $40 (for a 20-pound bird) today. But that equivalence is valid only if you can get the turkey on sale. The regular price is $4.39 a pound, some $88 for the 20-pounder, and a little arithmetic indicates that one pound (£1) in that era was worth more like $146 in today’s money. I’m talking Canadian dollars, of course.

The figure is only an estimate, but to somebody who has been dabbling in the minutiae of 1895 for a long time now (i.e., me), they seem about right. In fact let’s say $150 in today’s Canadian dollar, or $120 in US dollars, for each £1, each golden sovereign, spent or earned by the people among whom Sherlock Holmes moved.

These numbers are more than double what I proposed when I first wrote about the value of Victorian currency in “A Sherlockian Visits the Currency Exchange,” published in Canadian Holmes in 1986. At that time I suggested a rule of thumb of $70 for each £1. Later I hiked the figure to $100 — and let me repeat that these are all hand-waving estimates, not precise determinations.

Apply the $120 (US) figure to some other prices and what do you get? The shilling paid to each Baker Street Irregular would be $6. That dress bought for Madame Derbyshire in “Silver Blaze”, priced at 22 guineas (23 pounds 2 shillings), would be $2,800 — “expensive tastes” indeed. Eight shillings for a bed, and 8d (eightpence) for a glass of sherry, in “The Noble Bachelor” would be $48 for the hotel room, $4 for the drink. Both figures seem a little low, but bear in mind that the hotel room had neither air conditioning nor colour television, probably not even a bathroom.

What about incomes? Violet Hunter’s £100 a year becomes $12,000 plus room and board, not bad at all. Neville St. Clair was naturally happy to take in 26/4 ($158) a day as a beggar, having earned just £2 ($240) a week as a journalist — well below most minimum wage levels these days. Other than Jabez Wilson, earning £4 or $480 a week at his sinecure, incomes were, in fact, far lower in the Victorian era than they are today. To put it another way, standards of living have risen, allowing far more people to buy houses, own personal electronics, and pay income tax (the rate in Victorian Britain was 2.5 per cent, with incomes under £150 exempt altogether).

I have to repeat that there is no precision in this sort of calculation, but it gives a hint of what’s implied by Watson’s wound pension of 11/6 a day, Victor Hatherley’s fee of 50 guineas for a night’s work, or Mary Maberley’s trip round the world on £5,000.

Further analysis will be forthcoming, and may possibly take into account John Clay’s French gold, the rates offered by London’s American Exchange (mentioned twice in the Sherlock Holmes tales), and the bimetallic question.
Be sure to read Chris Redmond’s earlier 1986 article, A Sherlockian Visits the Currency Exchange
This post was originally was published on January 7, 2018 at I Hear of Sherlock Everywhere and is reprinted here with the permission of the author and publishers.

Chris Redmond, BSI (“Billy), M.Bt. is a longtime Sherlockian who is well known to netizens through his work as founder of Sherlockian.Net, one of the central repositories of Sherlock Holmes materials, resources and people on the web today. Chris is the author of a number of groundbreaking an controversial books such as A Sherlock Holmes Handbook and In Bed with Sherlock Holmes and others, as well as numerous Sherlockian articles. He is a member of the Baker Street Irregulars, the Bootmakers of Toronto, the Adventuresses of Sherlock Holmes, and other societies. He lives in Waterloo, Ontario, Canada.

A Sherlockian Visits the Currency Exchange (1986)

A Sherlockian Visits the Currency Exchange (1986)

“Sold his soul to the devil in exchange for money” – The Adeventure of Wisteria Lodge (WIST) Seven hundred and fifty pounds, Dr. Grimesby Roylott had as the annual income of his late wife’s estate. The reader of The Speckled Band is supposed to understand that £750 is a lot of money, but that £250, which… Continue Reading

Franklin Mint Ingots Feature the Mary Celeste

Franklin Mint Ingots Feature the Mary Celeste

“… having in tow the derelict brigantine Marie Celeste “ – J. Habakuk Jephson’s Statement  Between 1973 and 1976, the Franklin Mint issued a 50 ingot set featuring the Greatest Sailing Ships of History. There were actually three different sets available for purchase – a large sterling silver set, and two sets of mini-ingots in… Continue Reading

2013 Niue Ghost Ships Dollar Coin Series Honors the Mary Celeste

2013 Niue Ghost Ships Dollar Coin Series Honors the Mary Celeste

“… having in tow the derelict brigantine Marie Celeste “ – J. Habakuk Jephson’s Statement  In 2013, the south Pacific island nation of Niue contracted with NumisCollect to issue a series of silver one dollar coins honoring “ghost ships.” The first coin in the series was the Mary Celeste.  From NumisCollect’s press release: The Mary Celeste (or… Continue Reading

The 1994 Gibraltar Mary Celeste One Crown Coin

The 1994 Gibraltar Mary Celeste One Crown Coin

“… having in tow the derelict brigantine Marie Celeste “ – J. Habakuk Jephson’s Statement  Gibraltar released 8 different designs for its 1994 series of coins commemorating the 100th anniversary of the return of Sherlock Holmes. In this post, we will discuss the three coins that feature a story that doesn’t involve Sherlock Holmes –… Continue Reading

Faces of Holmes: Charlton Heston

Faces of Holmes: Charlton Heston

“… possible actors in this drama…” – The Adventure of the Second Stain (SECO) Charlton Heston as Holmes in The Crucifer of Blood Charlton Heston was a prolific actor in Hollywood. Upon his death in 2008, noted film critic Roger Ebert commented, “Heston made at least three movies that almost everybody eventually sees: Ben-Hur, The Ten Commandments and Planet of… Continue Reading

Queen Elizabeth Gives Out Sherlock Coin As Part of Maundy Thursday

Queen Elizabeth Gives Out Sherlock Coin As Part of Maundy Thursday

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The Unauthorized [and Illicit] Dr. Watson Battle of Maiwand Bar

The Unauthorized [and Illicit] Dr. Watson Battle of Maiwand Bar

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The Bimetallic Question in The Valley of Fear

The Bimetallic Question in The Valley of Fear

“I was helping Uncle Sam to make dollars.” -The Valley of Fear (VALL) 1873 Gold Dollar In “The Adventure of the Bruce-Partington Plans,” Sherlock Holmes offers an example of his brother Mycroft’s indispensable service to Her Majesty’s government. Sherlock says: “We will suppose that a Minister needs information as to a point which involves the… Continue Reading

Faces of Moriarty Leo McKern

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“… an incomparable actor” – A Study in Scarlet (STUD) Reginald “Leo” McKern (March 16, 1920 – July 23, 2002) was an Australian actor. While our group will focus on his portrayal of Professor James Moriarty in the 1975 musical comedy film, The Adventure of Sherlock Holmes’ Smarter Brother, he is better known for his role as… Continue Reading