Chapter 17

Of Price as Measured by Money

201. The money price at which an article sells furnishes us with comparatively little information respecting its value, if we compare distant intervals of time and different countries; for gold and silver, in which price is usually measured, are themselves subject, like all other commodities, to changes in value; nor is there any standard to which these variations can be referred. The average price of a certain quality of different manufactured articles, or of raw produce, has been suggested as a standard; but a new difficulty then presents itself; for the improved methods of producing such articles render their money price extremely variable within very limited periods. The annexed table will afford a striking instance of this kind of change within a period of only twelve years.

 Prices of the following articles at Birmingham, in the
undermentioned years

 Description 1818 1824 1828 1830
 s. d. s. d. s. d. s. d.
 Anvils cwt 25 0 20 0 16 0 13 0
 Awls, polished, Liverpool gross 2 6 2 0 1 6 1 2
 Bed-screws, 6 inches long gross 18 0 15 0 6 0 5 0
 Bits, tinned. for bridles doz. 5 0 5 0 3 3 2 6
 Bolts for doors, 6 inches doz. 6 0 5 0 2 3 1 6
 Braces for carpenters, with 12 bits set 9 0 4 0 4 2 3 5
 Buttons, for coats gross 4 6 6 3 3 0 2 2
 Buttons, small, for waistcoats gross 2 6 2 0 1 2 0 8
 Candlesticks, 6 in., brass pair 2 1 1 2 0 1 7 1 2
 Curry-combs, six barred doz. 2 9 2 6 1 5 0 1 1
 Frying-pans cwt 25 0 21 0 18 0 16 0
 Gun-locks, single roller each 6 0 5 2 1 10 1 6
 Hammers. shoe, No. 0 doz. 6 9 3 9 3 0 2 9

Description 1818 1824 1828 1830
 s. d. s. d. s. d. s. d.
 Hinges, cast-butts, 1 inch doz. 0 10 0 71/2 0 31/4 0 21/4
 Knobs, brass, 2 inches for commodes doz. 4 0 3 6 1 6 1 2
 Latches for doors, bright thumb doz. 2 3 2 2 1 0 0 9
 Locks for doors, iron rim, 6 inches doz. 38 0 32 0 15 0 13 6
 Sad-irons and other castings cwt 22 6 20 0 14 0 11 6
 Shovel and tongs, fire-irons pair 1 0 1 0 0 9 0 6
 Spoons, tinned table gross 17 6 15 0 10 0 7 0
 Stirrups, plated pair 4 6 3 9 1 6 1 1
 Trace-chains cwt 28 0 25 0 19 6 16 6
 Trays, japanned tea, 30 inches each 4 6 3 0 2 0 1 5
 Vices for blacksmiths cwt 30 0 28 0 22 0 19 6
 Wire, brass lb. 1 10 1 4 1 0 0 9
 —, iron, No. 6 bund. 16 0 13 0 9 0 7 0

202. I have taken some pains to assure myself of the accuracy of the above table: at different periods of the years quoted the prices may have varied; but I believe it may be considered as a fair approximation. In the course of my enquiries I have been favoured with another list, in which many of the same articles occur, but in this last instance the prices quoted are separated by an interval of twenty years. It is extracted from the books of a highly respectable house at Birmingham; and the prices confirm the accuracy of the former table, so far as they relate to the articles which are found in that list.

Prices of 1812 and 1832 Reduction per cent in price of Description 1812 1832 1812 s. d. s. d.

Anvils cwt 25 0 14 0 44 Awls, Liverpool blades gross 3 6 1 0 71 Candlesticks, iron, plain 3 103/4 2 31/2 41 screwed 6 41/2 3 9 41 Bed screws, 6 inch square head gross 7 6 4 6 40 flat head gross 8 6 4 8 45 Curry-combs, 6 barred dozen 4 01/2 1 0 75

Reduction per cent in price of Description 1812 1832 1812 s. d. s. d.

Curry-combs, 8 barred dozen 5 51/2 1 5 74
 patent, 6 barred dozen 7 11/2 1 5 80
 8 barred dozen 8 63/4 1 10 79
 Fire-irons, iron head, No. 1. 1 41/2 0 73/4 53
 No. 2 1 6 0 81/2 53
 No. 3 1 81/4 0 91/2 53
 No. 4 1 101/2 0 101/2 53
 Gun-locks, single roller each 7 21/2 1 11 73
 Locks, 1 1/4 brass, port. pad 16 0 2 6 85
 2 1/2 inch 3 keyed till-locks each 2 2 0 9 65
 Shoe tacks gross 5 0 2 0 60
 Spoons, tinned, iron table gross 22 6 7 0 69
 Stirrups. com. tinned, 2 bar dozen 7 0 2 9 61
 Trace-chains, iron cwt 46 91/2 15 0 68

Prices of the principal materials, used in mines in Cornwall, at different periods [I am indebited to Mr John Taylor for this interesting table]