Money value today

[mark price]

I owe �1 2s 6d from 1968 which I want to pay but how much is that now?

[jenstar]

That depends on whether there's interest to pay. Assuming there isn't, it would be One pound, twelve and a half pence. I'm sure it wouldn't hurt you to round it up to �1.13. (One old shilling became five new pence in 1971).

[mark price]

Sorry. I mean that in 1968 must be over �100 now. I can't pay the organisation �1 something now it wouldn't what is really due.

[geofbob]

No, it's nothing like �100; it's more like �12.

[Andromeda]

In absolute terms Jenstar is correct. However you are right in saying that this is not what it is worth. Even without considering interest or the time value of money, the meteoric rise of wages means that a pound today is worth a fraction of a pound in 1968. There is no correct answer to this, and the repayment should be negotiated between you and the people you owe.

Andy

[mark price]

You are right, I have just emailed them. Many thanks