Hvor mye var engelske pund 2704 & 16 shilling verdt i 1911

[JanMKeus]

Jeg er litt usikker hvordan man kan løse følgende spørsmål:
I 1911 døde Karsten Emil Langaard, og på nettet fant jeg en melding på hans navn (Lloyd's Insurance?) med 2704,16 engelske pund..
Hvor mye var dette beløp i daværende norsk valuta, og eventuelt hvor mye dette er verdt i dagens valuta?

 

M;vh

JanM
 

.

[Carl-Henry Geschwind]

Please forgive me for answering in English.

 

Gold standard rate (in effect 1873 to 1914) was 18,16 kroner = 1 pound (https://en.wikipedia.org/wiki/Norwegian_krone). Therefore 2704,8 pounds = 49.120 kroner in 1911 (note that 16 shillings = 0,8 pound).

 

Using retail price index, 2704,80 pounds in 1911 is the same as 261.800 pounds today (https://www.measuringworth.com/calculators/ukcompare/relativevalue.php?use[]=CPI&year_early=1911&pound71=2704&shilling71=16&pence71=&amount=2704.8&year_source=1911&year_result=2018). Using current exchange rate of 10,93 kroner per pound, that would be 2.860.000 kroner today.

Endret Mai 17, 2018 av Carl-Henry Geschwind

[Ivar S. Ertesvåg]

Ifølgje Noregs Bank sin priskalkulator https://www.norges-bank.no/Statistikk/Priskalkulator/

svara 49120 kroner i 1911 til 3 085 724  kroner i 2017.

Omrekning vhj av valutakurs i dag svingar frå dag til dag (fast i 1911).

 

Vi kan nok runde av til om lag 3 millionar.

Endret Mai 17, 2018 av Ivar S. Ertesvåg

[JanMKeus]

Both Carl-Henry and Ivar, thanks for reply on my question. You nearly came to the same result around 3 millioner.
That is enough for me.

 

So the next question is about his cousin Knud Christian Langaard who died in 1922. He also had a life insurance at Lloyd's, which was English Pound 1573,10. 
Can one use the same procedure?

 

JanM


 

[Carl-Henry Geschwind]

Similar procedure, but a bit more complicated, as the gold standard was still suspended in 1922 (due to inflation related to World War I that affected different countries differently).

 

I get an average exchange rate of 25,30 kroner per British pound for 1922. This means 1573,10 pounds would be 39 800 kroner in 1922. Per the Norwegian bank inflation calculator cited by Ivar, this would be 983 000 kroner in 2017.

 

Using the British retail price index, 1573,10 pounds in 1922 would be worth 81 650 pounds today, which at 10.93 kroner per pound would be 892 000 kroner in 2017.

 

In other words, Knud left slightly less than 1 million kroner in today's money, or about 1/3 what his cousin Karsten had left.

 

As a cross-check, 2704,80 pounds in 1911 (the amount Karsten left) would have been worth 5026,00 pounds in 1922 (according to British retail price index), or slightly more than 3 times what Knud left.

Endret Mai 18, 2018 av Carl-Henry Geschwind

[JanMKeus]

Salut Carl-Henry
Thanks for your respond.  It is amazing how much knowledge is to be found on Arkivverket.
JanM