What is $1 from 1923 worth today?
$1 in 1923 is worth $19.70 in September 2026, based on the official Consumer Price Index. Prices have risen 1870% since 1923, an average of 2.93% a year over 103 years. In other words, prices have doubled about 4.3 times, and a dollar today buys 5.1% of what it bought in 1923.
The same ratio applies to any amount: $20 from 1923 is worth $394.08, $100 is worth $1,970 and $1,000 is worth $19,704 in today's dollars.
Inflation in 1923
The CPI-U averaged 17.1 in 1923, up 1.8% from 16.8 in 1922. From December 1922 to December 1923, prices rose 2.4%. Ranked by annual inflation, 1923 is number 72 of the 112 years from 1914 to 2025.
In the 1920s, annual inflation averaged -0.1% a year. The highest rate was 15.6% in 1920 and the lowest -10.5% in 1921.
1923 prices in today's money, and today's prices in 1923 money
If something cost $5 in 1923, the same buying power today is $98.52. Going the other way, $100 in September 2026 would have bought what $5.08 bought in 1923, and a $60,000 salary today has the buying power of a $3,045 salary in 1923.
If your pay in 1923 was, say, $1,000 a month, you would need about $19,704 a month in September 2026 to afford the same basket of goods and services. Remember that this is an average across consumer spending: some prices, such as housing, health care and tuition, have risen faster than the CPI, while others have risen more slowly.
How this 1923 inflation figure is calculated
The calculation divides the latest CPI-U (336.94 for September 2026) by the 1923 annual average (17.1): 336.94 ÷ 17.1 = 19.7041. Multiply any 1923 amount by 19.7041 to convert it to September 2026 dollars. The data is the CPI for All Urban Consumers, U.S. city average, all items, not seasonally adjusted (BLS series CUUR0000SA0), published by the U.S. Bureau of Labor Statistics.
Use the calculator above to pick a specific month in 1923 or a different end date. See also $1 in 1922 and $1 in 1924. All years are on the main US inflation calculator page.