Vince asks: How much was the English pound worth in American dollars in 1850? Thanks.
19th century monetary systems were intrinsic, that is they were based on coins and the precious metals they contain. Therefore, the precious metal content is the point of comparison and the answer to the question of comparative value.
There were four crowns to a British pound. Each crown contains .8409 troy ounce of pure silver x 4=3.3636 troy ounces of pure silver to £1.
A U.S. silver $1 contains .7736 troy ounces silver. The amount of pure silver in ounces in a £ divided by the amount of pure silver in a U.S. silver $1 = the number of dollars required to intrinsically equal 1£. Therefore the calculation is: 3.3636/.7736 = $4.35 – the value of an English pound in 1850.
