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I am trying to understand the value of whole leaf tobacco in the early 1600s. What could it buy per pound weight or what would it sell for per pound weight in pounds sterling of the time. Outside of the tobacco note, how was it packaged for use as currency?
How can I understand the purchasing power of a given quantity of circa 1620 tobacco? Are there models or guidelines used in the study of historical (or US colonial) economics?

ejbpesca
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    You have a number of problems. Firstly, the value of 100 lbs of tobacco would vary since it was a market commodity (and its value would fluctuate depending on availability) so establishing its value in Sterling at a given time could be problematic. Secondly, establishing modern equivalents of prices over hundreds of years can be done a number of ways (with the results varying considerably) so getting an 'accurate' value is questionable. Finally, you have the GBP -> USD conversion rate to consider. – Steve Bird Jun 14 '23 at 15:54
  • This is phrased as a hypothetical, which is very explicitly out of scope, but I think there is a question buried in here that is in scope. I'm going to offer a friendly edit – MCW Jun 14 '23 at 16:58
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    Basically, this is a question of purchasing power parity or PPP and, given its historic dimension, not likely to have a precise answer. One source might be the Maddison Project's Historical Statistics https://www.rug.nl/ggdc/historicaldevelopment/maddison/?lang=en Their data may enable an approximating, directional answer. –  Jun 14 '23 at 16:58
  • The question is based on a record from 1620. A legal matter was settled by payment of 100 pounds of tobacco. I would like to know how that payment would have been made in tobacco leaf currency, not tobacco note, and what would that currency be able to purchase. – ejbpesca Jun 15 '23 at 14:04
  • Related: my answer here. I will have to locate where the claim that a pound of tobacco was worth about 3s came from. It was likely for a specific place and time. – Spencer Jun 15 '23 at 22:07
  • From the account I found of 1720, not the year 1620 I seek, tobacco would have been worth much less than 3s per pound. Maybe closer to 3p. – ejbpesca Jun 16 '23 at 17:02

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