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Currency Exchange Rates - International Money Transfer Xe. Free currency calculator to convert between most of the global currencies using live or custom exchange rates. Also check the latest exchange rate of most currencies, experiment with other financial calculators, or explore hundreds of individual calculators addressing other topics such as math, fitness, health, and many more. Real estate and property portfolio it's called the crown state and it's technically owned by the rainy morning. But the role family doesn't get to keep all of the profits. The money fast goes to the Treasury which then pays a percentage back to the queen as a sovereign grind for the next decade the queen will receive 25 percent of the profits.
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Important Key Terms
Below is a short list of some of the important terms pertinent to foreign currency exchange.
Exchange Rate—The value of one currency expressed in terms of another.
Forex—The foreign exchange market (forex) is a global, decentralized, over-the-counter market for the trading of currencies and is the largest market in the world (followed by the credit market). This market is a necessity because one unit of currency very rarely equals exactly one unit of another currency. The forex is able to facilitate the receipt or payment of units of currency that are equal in value.
Bid Price—The price that a buyer is willing to pay for a unit of currency.
Ask Price—The price that a seller is willing to accept for a unit of currency.
Bid-Ask Spread—The difference between the bid and ask price. Theoretically, buyers want the smallest possible spreads, while sellers want the highest spreads. Real-world currency exchanges with brokers, banks, or businesses typically do not follow precise market rates. As financial middlemen, most will set exchange rates of their own at bid-ask spreads that return a percentage as profit for doing business. Some call this profit a fee or commission.
Pip—A pip is the smallest unit of value in a bid-ask spread. For example, 3 pips are the difference between the currency quote of EUR/USD 1.2800/1.2803. A pip is sometimes called a point.
Currency Pair—A quote of the relative value of one currency unit against another currency unit. The first currency in a currency pair is called the base currency, while the second is called the quote currency.
Interbank (bank-to-bank) Rate—This is the wholesale exchange rate that banks use between themselves.
Major Currencies—This refers to a short list of the most traded currencies, which generally stay the same year-to-year. Most recently, this includes the U.S. dollar (USD), Euro (EUR), Japanese yen (JPY), British pound (GBP), Australian dollar (AUD), Canadian dollar (CAD), and the Swiss franc (CHF). The USD in a currency pair with any of the others is known as a major currency pair.
What is Currency?
Currency is a universal medium of exchange for goods and services in an economy, and it is believed to have been used as such dating back at least 3,000 years. Before this, it is assumed that bartering, which is the exchange of goods and services without the use of money, was likely used. Throughout history, currency has taken many different forms. Some examples include coins, barley, gold, silver, squirrel pelts, 8-ton carved limestone rocks, salt, knives, cowrie shells, stamps, potato mashers, peppercorn, tea bricks, and cheese.
History of Currency
As history has shown, anything that a group of people in an economy attaches value to can be used as currency. The first 'official' currency was minted in the seventh century BC by King Alyattes of Lydia in modern-day Turkey. For practical reasons, Lydian currency took on the form of a round coin, which became the first ever standardized unit of currency. Paper currency, on the other hand, was invented in Asia and was brought back to Europe by Marco Polo after his travels to Asia.
Modern Currency
Modern currency is much more uniform and regulated. Major currencies in the world today take on the physical form of paper bills or coins which are easily carried on a person, but most of a person's currency is typically stored in digital accounts. The value of these currencies is backed by the promise of their issuing governments, which makes them fiat money (currency declared by the government to be an official medium of payment but is not backed by a physical commodity). Before fiat money existed, currencies were usually backed by a commodity such as gold or silver.
While modern currency is physically represented by coins and paper bills, most large-scale currency transactions are done electronically. Modern technology utilizes sophisticated currency exchange mechanisms and systems to exchange currencies between digital accounts rather than physically. Even the exchange of currency for everyday goods and services such as groceries or haircuts involves physical currencies less and less due to the growing popularity of debit cards, credit cards, and mobile payments.
Cryptocurrency
Cryptocurrencies are digital currencies operating independently of a central bank or authority, in which encryption techniques are used to regulate the generation of units of currency as well as to verify the transfer of funds. The current technology behind cryptocurrencies is called blockchain, which is a decentralized ledger of all transactions across a peer-to-peer network. A prominent feature of blockchain is that participants can confirm transactions without the need for a central clearing authority, such as a central bank or government. The value of cryptocurrencies fluctuates, just like a regular currency, and they can be traded in the same way as any other currency. While bitcoin is currently the most recognizable cryptocurrency with the largest market cap by far, there are many other notable cryptocurrencies such as Ethereum (ETH), Litecoin (LTC), and Ripple (XRP). Some experts say that there is a slight chance that cryptocurrencies become the currency of the future. For the purposes of this calculator, Bitcoin is the only cryptocurrency available for conversion at the moment.
Forex and Exchange Rates
Currencies used in different countries are rarely, if ever, exactly equal in value. As a result, exchange rates (the rate at which a currency is exchanged for another) exist to enable the equal exchange of currencies. Real-time exchange rates are supplied by the foreign exchange market (forex), the same place where most currency transactions take place. The forex is a global, decentralized, over-the-counter market for the trading of currencies. Each day, trillions of dollars (US) worth of currency are traded. The market functions at high speeds, with exchange rates changing every second. The most common forex transactions are exchanges between the U.S. dollar and European euro, the U.S. dollar and the Japanese yen, and the U.S. dollar to the British pound Sterling.
Forex Quotes
A forex quote always consists of two currencies, a base currency and a quote currency, sometimes called the counter currency. The most common base currencies are EUR (European Union euros), GBP (British pounds), AUD (Australian dollars), and USD (U.S. dollars). The following is an example of a forex quote:
EUR/USD 1.366
In this example, EUR is the base currency and USD is the quote currency, and what it means is that one euro is worth $1.366 USD. In other words, $1.366 is the purchase price in U.S. dollars (aside from external costs such as commission) of one euro. The base currency always equals exactly one. On the other hand, if the EUR/MXN rate (European Union euro to Mexican peso) is 17.70 instead, 17.70 Mexican pesos are required to purchase one euro. In the real world, most exchange rates are given in terms of how much a U.S. dollar is worth in a foreign currency. The euro is different in that it's given in terms of how much a euro is worth in U.S. dollars.
When buying foreign currencies, there are usually two prices listed: the buying rate and the selling rate. They are sometimes called the 'bid price' and 'ask price' for the currency pair, respectively. Buying foreign currency from a bank or exchange broker involves the selling (ask) price, which is usually higher than the buying price because, like all merchants, currency brokers sell high and buy low.
Factors that Influence Exchange Rates Between Currencies
In the real world, the exchange rates can be influenced by thousands of different factors. The following are a few:
- Differences in inflation—From an international currency exchange standpoint, the currency of one economy with low inflation rates will generally see a rise in currency value as purchasing power increases. The currency of another economy with higher inflation will usually depreciate in relation to a lower inflation currency.
- Differences in interest rates—the interest rates may affect the demand of a currency as well as the inflation rate of an economy, which can drive the exchange rates up or down.
- Trade Deficits—If an economy is spending more than it is earning through foreign trade (goods, services, interest, dividends, etc.), it is operating at a deficit. In other words, it requires more foreign currency than it receives through the sale of exports, supplying more of its own currency than foreigners demand for its products.
- Politics—Governments can enact policies or regulations that directly or indirectly impact exchange rates. Also, economies with stable politics generally make better foreign investments than economies that constantly suffer from political strife. Perceived instability causes a loss of confidence in currencies within economies and a movement of foreign funds into more stable economies.
- Economic performance—The performance of economies also dictates the exchange rate of their currencies. When global capital searches for the best place to make a return, strong economies are usually a good choice. As a result, an influx of capital into a certain economy will increase the buying power of that economy's currency.
Some Tips for Traveling Overseas
Anyone who desires to travel to a destination that uses a different currency can benefit from doing some research in advance.
- Whether exchange rates are better abroad or domestically depends a lot on the destination, but generally, it is better to exchange domestically before traveling to a foreign destination. There are fewer time constraints, and exchanging domestically removes the possibility of encountering difficulties that may arise from trying to exchange money in an unfamiliar region where a person may not speak the language. In the U.S., some banks and credit unions provide exchange services that normally provide better exchange rates and lower fees than other methods. It is also possible to order foreign currency on some currency converting websites that will deliver it via mail. In addition, international airports normally have kiosks or stores for currency exchange. They are convenient, but they normally have the worst exchange rates and highest fees.
- When buying currency abroad, most people will simply choose the most convenient option, typically kiosks situated in airports, hotels, and high-traffic tourist areas that take advantage of desperate people who can't be bothered to look for better deals. It is advisable to first search for an overseas branch or ATM of your bank. Otherwise, local banks and fee-friendly ATMs normally have better deals.
- Destinations that are credit card friendly make it easier for foreigners with credit cards or debit cards, as they don't have to fumble over large amounts of foreign cash or pay large commissions, since credit card or debit card exchange rates tend to be pretty close to wholesale market rates. Also, credit cards and debit cards are probably a safer alternative to holding a bunch of cash. However, keep in mind that a lot of cards not oriented towards travel perks will have foreign transaction fees.
- It is common for people to come back from foreign destinations with some foreign currency left over. There's not much else to do with it aside from keeping it as memorabilia, but it is possible to sell it back to a bank or broker. Again, selling back to banks or credit unions is normally preferred in terms of exchange rates and fees.
Value of $1 from 1970 to 2021
$1 in 1970 is equivalent in purchasing power to about $7.00 today, an increase of $6.00 over 51 years.The dollar had an average inflation rate of 3.89% per year between 1970 and today, producing a cumulative price increase of 600.25%.
This means that today's prices are7.00 times higher thanaverage prices since 1970,according to the Bureau of Labor Statistics consumer price index.A dollar today only buys 14.29% of what it could buy back then.
The 1970 inflation rate was 5.72%. The current year-over-year inflation rate (2020 to 2021) is now 5.39%1.If this number holds, $1 today will be equivalent in buying power to $1.05 next year.The current inflation rate page gives more detail on the latest inflation rates.
| Cumulative price change | 600.25% |
| Average inflation rate | 3.89% |
| Converted amount ($1 base) | $7.00 |
| Price difference ($1 base) | $6.00 |
| CPI in 1970 | 38.800 |
| CPI in 2021 | 271.696 |
| Inflation in 1970 | 5.72% |
| Inflation in 2021 | 5.39% |
| $1 in 1970 | $7.00 in 2021 |
Buying power of $1 in 1970
This chart shows a calculation of buying power equivalence for $1 in 1970 (price index tracking began in 1635).
For example, if you started with $1, you would need to end with $7.00 in order to 'adjust' for inflation (sometimes refered to as 'beating inflation').
When $1 is equivalent to $7.00 over time, that means that the 'real value' of a single U.S. dollar decreases over time. In other words, a dollar will pay for fewer items at the store.
This effect explains how inflation erodes the value of a dollar over time. By calculating the value in 1970 dollars, the chart below shows how $1 is worth less over 51 years.
According to the Bureau of Labor Statistics, each of these USD amounts below is equal in terms of what it could buy at the time:
| Year | Dollar Value | Inflation Rate |
|---|---|---|
| 1970 | $1.00 | 5.72% |
| 1971 | $1.04 | 4.38% |
| 1972 | $1.08 | 3.21% |
| 1973 | $1.14 | 6.22% |
| 1974 | $1.27 | 11.04% |
| 1975 | $1.39 | 9.13% |
| 1976 | $1.47 | 5.76% |
| 1977 | $1.56 | 6.50% |
| 1978 | $1.68 | 7.59% |
| 1979 | $1.87 | 11.35% |
| 1980 | $2.12 | 13.50% |
| 1981 | $2.34 | 10.32% |
| 1982 | $2.49 | 6.16% |
| 1983 | $2.57 | 3.21% |
| 1984 | $2.68 | 4.32% |
| 1985 | $2.77 | 3.56% |
| 1986 | $2.82 | 1.86% |
| 1987 | $2.93 | 3.65% |
| 1988 | $3.05 | 4.14% |
| 1989 | $3.20 | 4.82% |
| 1990 | $3.37 | 5.40% |
| 1991 | $3.51 | 4.21% |
| 1992 | $3.62 | 3.01% |
| 1993 | $3.72 | 2.99% |
| 1994 | $3.82 | 2.56% |
| 1995 | $3.93 | 2.83% |
| 1996 | $4.04 | 2.95% |
| 1997 | $4.14 | 2.29% |
| 1998 | $4.20 | 1.56% |
| 1999 | $4.29 | 2.21% |
| 2000 | $4.44 | 3.36% |
| 2001 | $4.56 | 2.85% |
| 2002 | $4.64 | 1.58% |
| 2003 | $4.74 | 2.28% |
| 2004 | $4.87 | 2.66% |
| 2005 | $5.03 | 3.39% |
| 2006 | $5.20 | 3.23% |
| 2007 | $5.34 | 2.85% |
| 2008 | $5.55 | 3.84% |
| 2009 | $5.53 | -0.36% |
| 2010 | $5.62 | 1.64% |
| 2011 | $5.80 | 3.16% |
| 2012 | $5.92 | 2.07% |
| 2013 | $6.00 | 1.46% |
| 2014 | $6.10 | 1.62% |
| 2015 | $6.11 | 0.12% |
| 2016 | $6.19 | 1.26% |
| 2017 | $6.32 | 2.13% |
| 2018 | $6.48 | 2.49% |
| 2019 | $6.59 | 1.76% |
| 2020 | $6.67 | 1.23% |
| 2021 | $7.00 | 4.98%* |
This conversion table shows various other 1970 amounts in today's dollars, based on the 600.25% change in prices:
| Initial value | Equivalent value |
|---|---|
| $1dollarin 1970 | $7.00dollarstoday |
| $5dollarsin 1970 | $35.01dollarstoday |
| $10dollarsin 1970 | $70.02dollarstoday |
| $50dollarsin 1970 | $350.12dollarstoday |
| $100dollarsin 1970 | $700.25dollarstoday |
| $500dollarsin 1970 | $3,501.24dollarstoday |
| $1,000dollarsin 1970 | $7,002.47dollarstoday |
| $5,000dollarsin 1970 | $35,012.37dollarstoday |
| $10,000dollarsin 1970 | $70,024.74dollarstoday |
| $50,000dollarsin 1970 | $350,123.71dollarstoday |
| $100,000dollarsin 1970 | $700,247.42dollarstoday |
| $500,000dollarsin 1970 | $3,501,237.11dollarstoday |
| $1,000,000dollarsin 1970 | $7,002,474.23dollarstoday |
Inflation by City
Inflation can vary widely by city, even within the United States. Here's how some cities fared in 1970 to 2021 (figures shown are purchasing power equivalents of $1):
- San Francisco, California: 4.20% average rate, $1 → $8.17, cumulative change of 716.90%
- Seattle, Washington: 4.10% average rate, $1 → $7.75, cumulative change of 675.15%
- Boston, Massachusetts: 3.95% average rate, $1 → $7.23, cumulative change of 622.59%
- New York: 3.90% average rate, $1 → $7.02, cumulative change of 602.24%
- Atlanta, Georgia: 3.78% average rate, $1 → $6.64, cumulative change of 563.55%
- Dallas-Fort Worth, Texas: 3.76% average rate, $1 → $6.57, cumulative change of 557.30%
- Philadelphia, Pennsylvania: 3.73% average rate, $1 → $6.48, cumulative change of 548.22%
- Houston, Texas: 3.73% average rate, $1 → $6.47, cumulative change of 546.84%
- Chicago, Illinois: 3.72% average rate, $1 → $6.44, cumulative change of 543.59%
- Detroit, Michigan: 3.63% average rate, $1 → $6.15, cumulative change of 515.28%
San Francisco, California experienced the highest rate of inflation during the 51 years between 1970 and 2021 (4.20%).
Detroit, Michigan experienced the lowest rate of inflation during the 51 years between 1970 and 2021 (3.63%).
Note that some locations showing 0% inflation may have not yet reported latest data.
Inflation by Country
Inflation can also vary widely by country. For comparison, in the UK £1.00 in 1970 would be equivalent to £15.87 in 2021, an absolute change of £14.87 and a cumulative change of 1,486.80%.
In Canada, CA$1.00 in 1970 would be equivalent to CA$6.77 in 2021, an absolute change of CA$5.77 and a cumulative change of 576.85%.
Compare these numbers to the US's overall absolute change of $6.00 and total percent change of 600.25%.
Inflation by Spending Category
CPI is the weighted combination of many categories of spending that are tracked by the government. Breaking down these categories helps explain the main drivers behind price changes. This chart shows the average rate of inflation for select CPI categories between 1970 and 2021.
Compare these values to the overall average of 3.89% per year:
| Category | Avg Inflation (%) | Total Inflation (%) | $1 in 1970 → 2021 |
|---|---|---|---|
| Food and beverages | 3.82 | 577.88 | 6.78 |
| Housing | 4.06 | 661.43 | 7.61 |
| Apparel | 1.40 | 102.91 | 2.03 |
| Transportation | 3.53 | 486.96 | 5.87 |
| Medical care | 5.51 | 1,442.57 | 15.43 |
| Recreation | 1.11 | 75.58 | 1.76 |
| Education and communication | 1.82 | 151.08 | 2.51 |
| Other goods and services | 4.91 | 1,051.69 | 11.52 |
The graph below compares inflation in categories of goods over time. Click on a category such as 'Food' to toggle it on or off:
For all these visualizations, it's important to note that not all categories may have been tracked since 1970. This table and charts use the earliest available data for each category.
Inflation rates of specific categories
Medical Care· Housing· Rent· Food· MoreInflation-adjusted measures
S&P 500 price·S&P 500 earnings·Shiller P/EHow to Calculate Inflation Rate for $1 since 1970
Our calculations use the following inflation rate formula to calculate the change in value between 1970 and today:
64 Pounds In Real People Money Youtube
Then plug in historical CPI values. The U.S. CPI was 38.8 in the year 1970 and 271.696 in 2021:
64 Pounds In Real People Money Book
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$1 in 1970 has the same 'purchasing power' or 'buying power' as $7.00 in 2021.
To get the total inflation rate for the 51 years between 1970 and 2021, we use the following formula:
Plugging in the values to this equation, we get:
Alternate Measurements of Inflation
The above data describe the CPI for all items. Also of note is the Core CPI, which measures inflation for all items except for the more volatile categories of food and energy.Core inflation averaged 3.80% per year between 1970 and 2021 (vs all-CPI inflation of 3.89%), for an inflation total of 569.66%.
When using the core inflation measurement, $1 in 1970 is equivalent in buying power to $6.70 in 2021, a difference of $5.70. Recall that for All Items, the converted amount is $7.00 with a difference of $6.00.
In 1970, core inflation was 6.25%.
Comparison to S&P 500 Index
The average inflation rate of 3.89% has a compounding effect between 1970 and 2021. As noted above, this yearly inflation rate compounds to produce an overall price difference of 600.25% over 51 years.
To help put this inflation into perspective, if we had invested $1 in the S&P 500 index in 1970, our investment would be nominally worth approximately $179.12 in 2021. This is a return on investment of 17,811.95%, with an absolute return of $178.12 on top of the original $1.
These numbers are not inflation adjusted, so they are considered nominal. In order to evaluate the real return on our investment, we must calculate the return with inflation taken into account.
The compounding effect of inflation would account for 85.72% of returns ($153.54) during this period. This means the inflation-adjusted real return of our $1 investment is $24.58. You may also want to account for capital gains tax, which would take your real return down to around $21 for most people.
64 Pounds In Real People Money Online
| Original Amount | Final Amount | Change | |
|---|---|---|---|
| Nominal | $1 | $179.12 | 17,811.95% |
| Real Inflation Adjusted | $1 | $25.58 | 2,457.95% |
Information displayed above may differ slightly from other S&P 500 calculators. Minor discrepancies can occur because we use the latest CPI data for inflation, annualized inflation numbers for previous years, and we compute S&P price and dividends from January of 1970 to latest available data for 2021 using average monthly close price.
For more details on the S&P 500 between 1970 and 2021, see the stock market returns calculator.
News headlines from 1970
Politics and news often influence economic performance. Here's what was happening at the time:
- January 1st, 1970 established as Epoch time for UNIX systems.
- Rhodesia declares independence and sets up a republican government.
- Aswan Dam opens in Egypt to prevent flooding of the Nile River.
- A Palestinian terrorist organization hijacks three aircrafts in an incident that is later known as Black September.
Raw data for these calculations comes fromthe Bureau of Labor Statistics'Consumer Price Index(CPI), established in 1913. Inflation data from 1665 to1912 is sourced from a historical study conducted by political scienceprofessor Robert Sahr at Oregon State University.
You may use the following MLA citation for this page:“$1 in 1970 → 2021 | Inflation Calculator.” Official Inflation Data, Alioth Finance, 27 Jul. 2021, https://www.officialdata.org/us/inflation/1970?amount=1.
Special thanks to QuickChart for their chart image API, which is used for chart downloads.
in2013dollars.com is a reference website maintained by the Official Data Foundation.