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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

Bob Fritsch Issued His Second Sherlockian Wooden Nickel

Bob Fritsch Issued His Second Sherlockian Wooden Nickel

“… I see a Chinese coin hanging from your watch-chain …” – The Red-Headed League (REDH) Robert F. Fritsch, the 7th Garrideb aka The Coiner (by the zinc and copper filings in the seam of his cuff), issued a Sherlockian wooden nickel during last summer’s World’s Fair of Money in Philadelphia. This is Bob’s second Sherlockian wooden… Continue Reading

British Royal Mint Now Selling 2019 Sets With Sherlock Holmes Coin

British Royal Mint Now Selling 2019 Sets With Sherlock Holmes Coin

“… a work which had been specially designed to please him.” – The Sign of the Four (SIGN) On January 1, 2019, the British Royal Mint released the designs of their 2019 dated coins and began selling the annual sets to collectors. As we predicted in our earlier post about the 2019 Sherlock Holmes 50 Pence coin,… Continue Reading

British Royal Mint to Issue Holmes 50 Pence Coins in January 2019

British Royal Mint to Issue Holmes 50 Pence Coins in January 2019

“It might be his portrait.” – The Hound of the Baskervilles (HOUN) In January 2019, the British Royal Mint will be issuing a series of 50 pence coins honoring Sherlock Holmes. Late yesterday, an image of the coin’s design was leaked and shared to the World of Coins website. Below is the proclamation authorizing these coins, as… Continue Reading

Sherlock Hound – The Sovereign Gold Coins (1985)

Sherlock Hound – The Sovereign Gold Coins (1985)

“Holmes held up a sovereign.” – The Adventure of the Priory School (PRIO) Between November 6, 1984 and May 21, 1985, 26 episodes of the animated series Sherlock Hound aired in Japan. Based on the Sherlock Holmes stories, the characters were portrayed by anthropormorphic dogs. Sherlock Hound was the title given to the series when syndicated in the United… Continue Reading

The 17 Steps: The Red Circle

The 17 Steps: The Red Circle

Seventeen thoughts for further ponderance of the case at hand – The Red Circle (REDC)   WHAT’S SHERLOCK GOT AGAINST MRS. WARREN? We begin this case with Holmes saying, “Well, Mrs. Warren, I cannot see that you have any particular cause for uneasiness, nor do I understand why I, whose time is of some value, should interfere… Continue Reading

Postal Stamp Issued for the Bank of France’s Bicentennial in 2000

Postal Stamp Issued for the Bank of France’s Bicentennial in 2000

“We had occasion some months ago to strengthen our resources, and borrowed, for that purpose, thirty thousand Napoleons from the Bank of France.” – The Red-Headed League (REDH) In this month’s story of The Red-Headed League, the City & Suburban Bank had increased their reserves by borrowing 30,000 gold Napoleons from the Bank of France. In… Continue Reading

Sherlock Holmes: The Red Headed League (December 27, 1954)

Sherlock Holmes: The Red Headed League (December 27, 1954)

“… the very remarkable narrative of the Red-Headed League.” – The Red-Headed League (REDH) In 1954, Ronald Howard and H. Marion Crawford would star as Holmes and Watson in 39 episodes of a syndicated Sherlock Holmes television series. The 30 minute episodes were produced by Sheldon Reynolds, who would later do another Holmes series, Sherlock Holmes and Dr. Watson,… Continue Reading