$1 in 1935 is equivalent in purchasing power to about $1.01 in 1939, an increase of $0.01 over 4 years. The dollar had an average inflation rate of 0.36% per year between 1935 and 1939, producing a cumulative price increase of 1.46%.

This means that prices in 1939 are 1.01 times higher than average prices since 1935, according to the Bureau of Labor Statistics consumer price index.

The 1935 inflation rate was 2.24%. The inflation rate in 1939 was -1.42%. The 1939 inflation rate is lower compared to the average inflation rate of 3.70% per year between 1939 and 2021.

Contents

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Cumulative price change | 1.46% |

Average inflation rate | 0.36% |

Converted amount ($1 base) | $1.01 |

Price difference ($1 base) | $0.01 |

CPI in 1935 | 13.700 |

CPI in 1939 | 13.900 |

Inflation in 1935 | 2.24% |

Inflation in 1939 | -1.42% |

$1 in 1935 | $1.01 in 1939 |

This chart shows a calculation of buying power equivalence for $1 in 1935 (price index tracking began in 1635).

For example, if you started with $1, you would need to end with $1.01 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When $1 is equivalent to $1.01 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 1935 dollars, the chart below shows how $1 is worth less over 4 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:

This conversion table shows various other 1935 amounts in 1939 dollars, based on the 1.46% change in prices:

Initial value | Equivalent value |
---|---|

$1 dollar in 1935 | $1.01 dollars in 1939 |

$5 dollars in 1935 | $5.07 dollars in 1939 |

$10 dollars in 1935 | $10.15 dollars in 1939 |

$50 dollars in 1935 | $50.73 dollars in 1939 |

$100 dollars in 1935 | $101.46 dollars in 1939 |

$500 dollars in 1935 | $507.30 dollars in 1939 |

$1,000 dollars in 1935 | $1,014.60 dollars in 1939 |

$5,000 dollars in 1935 | $5,072.99 dollars in 1939 |

$10,000 dollars in 1935 | $10,145.99 dollars in 1939 |

$50,000 dollars in 1935 | $50,729.93 dollars in 1939 |

$100,000 dollars in 1935 | $101,459.85 dollars in 1939 |

$500,000 dollars in 1935 | $507,299.27 dollars in 1939 |

$1,000,000 dollars in 1935 | $1,014,598.54 dollars in 1939 |

Inflation can vary widely by city, even within the United States. Here's how some cities fared in 1935 to 1939 (figures shown are purchasing power equivalents of $1):

**Detroit, Michigan**: 1.41% average rate, $1 → $1.06, cumulative change of 5.78%**Seattle, Washington**: 1.21% average rate, $1 → $1.05, cumulative change of 4.91%**Houston, Texas**: 0.97% average rate, $1 → $1.04, cumulative change of 3.94%**Chicago, Illinois**: 0.84% average rate, $1 → $1.03, cumulative change of 3.39%**San Francisco, California**: 0.50% average rate, $1 → $1.02, cumulative change of 2.01%**Atlanta, Georgia**: 0.34% average rate, $1 → $1.01, cumulative change of 1.36%**New York**: 0.30% average rate, $1 → $1.01, cumulative change of 1.22%**Philadelphia, Pennsylvania**: 0.15% average rate, $1 → $1.01, cumulative change of 0.59%**Boston, Massachusetts**: -0.32% average rate, $1 → $0.99, cumulative change of -1.28%

Detroit, Michigan experienced the highest rate of inflation during the 4 years between 1935 and 1939 (1.41%).

Boston, Massachusetts experienced the lowest rate of inflation during the 4 years between 1935 and 1939 (-0.32%).

Note that some locations showing 0% inflation may have not yet reported latest data.

Inflation can also vary widely by country. For comparison, in the UK £1.00 in 1935 would be equivalent to £1.09 in 1939, an absolute change of £0.09 and a cumulative change of 8.81%.

In Canada, CA$1.00 in 1935 would be equivalent to CA$1.05 in 1939, an absolute change of CA$0.05 and a cumulative change of 5.41%.

Compare these numbers to the US's overall absolute change of $0.01 and total percent change of 1.46%.

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 1935 and 1939.

Compare these values to the overall average of 0.36% per year:

Category | Avg Inflation (%) | Total Inflation (%) | $1 in 1935 → 1939 |
---|---|---|---|

Food and beverages | 0.00 | 0.00 | 1.00 |

Housing | 0.00 | 0.00 | 1.00 |

Apparel | 0.97 | 3.94 | 1.04 |

Transportation | 0.18 | 0.70 | 1.01 |

Medical care | 0.39 | 1.57 | 1.02 |

Recreation | 0.00 | 0.00 | 1.00 |

Education and communication | 0.00 | 0.00 | 1.00 |

Other goods and services | 0.00 | 0.00 | 1.00 |

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 1935. This table and charts use the earliest available data for each category.

Our calculations use the following inflation rate formula to calculate the change in value between 1935 and 1939:

CPI in 1939
CPI in 1935

×

1935 USD value

=

1939 USD value

Then plug in historical CPI values. The U.S. CPI was 13.7 in the year 1935 and 13.9 in 1939:

13.913.7

×

$1

=

$1 in 1935 has the same "purchasing power" or "buying power" as $1.01 in 1939.

To get the total inflation rate for the 4 years between 1935 and 1939, we use the following formula:

CPI in 1939 - CPI in 1935CPI in 1935

×

100

=

Plugging in the values to this equation, we get:

13.9 - 13.713.7

×

100

=

The average inflation rate of 0.36% has a compounding effect between 1935 and 1939. As noted above, this yearly inflation rate compounds to produce an overall price difference of 1.46% over 4 years.

To help put this inflation into perspective, if we had invested $1 in the S&P 500 index in 1935, our investment would be * nominally* worth approximately $1.69 in 1939. This is a return on investment of 68.70%, with an absolute return of $0.69 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 1.44% of returns ($0.02) during this period. This means the inflation-adjusted * real* return of our $1 investment is $0.66. You may also want to account for capital gains tax, which would take your real return down to around $1 for most people.

Original Amount | Final Amount | Change | |
---|---|---|---|

Nominal |
$1 | $1.69 | 68.70% |

RealInflation Adjusted |
$1 | $1.66 | 66.27% |

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 1935 to latest available data for 1939 using average monthly close price.

For more details on the S&P 500 between 1935 and 1939, see the stock market returns calculator.

Politics and news often influence economic performance. Here's what was happening at the time:

- Hitler violates the Treaty of Versailles by ordering German rearmament.
- In an event known as "Black Sunday", a severe sandstorm strikes the US Midwest, coining the term "Dust Bowl".
- Communist forces end their Long March bringing Mao Zedong to prominence.
- First trans-pacific airmail flight by a flying boat the "China Clipper" that took off from Alameda, California

Raw data for these calculations comes from the Bureau of Labor Statistics' Consumer Price Index (CPI), established in 1913. Inflation data from 1665 to 1912 is sourced from a historical study conducted by political science professor Robert Sahr at Oregon State University.

You may use the following MLA citation for this page: “$1 in 1935 → 1939 | Inflation Calculator.” Official Inflation Data, Alioth Finance, 17 Oct. 2021, https://www.officialdata.org/us/inflation/1935?amount=1&endYear=1939.

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.

Cumulative price change | 1.46% |

Average inflation rate | 0.36% |

Converted amount ($1 base) | $1.01 |

Price difference ($1 base) | $0.01 |

CPI in 1935 | 13.700 |

CPI in 1939 | 13.900 |

Inflation in 1935 | 2.24% |

Inflation in 1939 | -1.42% |

$1 in 1935 | $1.01 in 1939 |