John R Davis
Legend
I meant peek, as in have a look!
I build the economy up from wages.
I'll note that you can't derive prices directly from wages unless you make assumptions about purchasing power. The purchasing power of an unskilled laborer varied in the Middle Ages, most dramatically before and after the Black Death, which boosted wages 2-3x due to a massive labor shortage. But even in that period, they had less purchasing power than today.So like @haakon1 I build my assumptions about prices from wages.
[snip]
1 sp to a day's wages allows for all sorts of extrapolation regarding prices, including doing something like 1 sp = $75 worth of largely handmade goods or services in 2025.
I'll note that you can't derive prices directly from wages unless you make assumptions about purchasing power. The purchasing power of an unskilled laborer varied in the Middle Ages, most dramatically before and after the Black Death, which boosted wages 2-3x due to a massive labor shortage. But even in that period, they had less purchasing power than today.
With $75 today one could buy 30 or 40 loaves of bread. As best I can tell, in the late 1300s (post-Black Death) a laborer earned around 3 pence/day, and the price of a loaf of bread was ~1/4 pence (a "farthing loaf"), giving them a purchasing power of 12/day.
If we go with 1 sp/day as a laborer's wage (which I like, as it matches the silver piece to the common groat/grosso/groschen silver coin worth 3-4 pence),1 sp = $25 seems a better figure to match their purchasing power to the Late Middle Ages.