Revised edition. The well-known economic historian John J. McCusker, the author of Money and Exchange in Europe and America, 1600-1775: A Handbook (2nd ed. Chapel Hill, 1992), has compiled a new edition of his noted vade mecum for use by researchers, teachers, and students in converting prices from any time in the American past as far back as 1665 to their comparable value in today's dollars.
This monograph presents a consistent commodity price index that extends across as much as possible of the history of the United States. McCusker's clear introduction discusses the theory and practice behind the construction of historical price indexes, points out their uses and limitations, and provides step-by-step instructions (and some examples) to making the conversion from past prices, even those expressed in colonial currency, to today's values. In addition to supplying consumer price index tables for the United States since 1665, McCusker's work also includes comparable tables for Great Britain going back to 1600, making a valuable reference work even more useful. He also explains how users may keep this reference tool current by obtaining the monthly and annual consumer price index figures provided by the U.S. Bureau of Labor Statistics and the comparable agency in the United Kingdom. The work is rounded out by a comprehensive bibliography of sources on historical prices and related subjects, allowing interested readers to pursue the subject matter.