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The Philadelphia Savings Fund Society (PSFS) made a strong push in the 1920s for children to save. Among the first banks in the country do so.
Using an online Consumer Price Index (CPI) calculator, we can estimate that my grandmother’s first deposit of 0.15 cents had the same buying power as $2.08 today.
Her savings stops at $2.35 which had the same buying power as $32.53 today. By the way, just one month after Nanny’s last deposit, sliced bread was introduced to the consumer. The popular phrase, “the greatest thing since sliced bread” was coined from this time.
So, what could my Nanny buy with her $2.35 in 1928?
(Note: estimates from internet searches): A stamp was .01-.02. A loaf of bread was about .09. Wrigley’s Spearmint gum sold for about .39 a pack. A pound of cheese was about .39 as well. Twelve cakes of Ivory Soap cost .43. Tea was about .75 a pound… and I saw an ad for a woman’s leather handbag that cost $2.98. Almost there, Nanny!