One Pound 1983
Posted : admin On 3/27/2022The 1983 One Pound Coin replaced the one pound banknote. The reverse shows the Ornamental royal arms which represents the United Kingdom. The design by Eric Sewell has has been used on other one-pound coins such as 1983, 1993, 1998, 2003 and 2008. The Obverse is the portrait of Queen Elizabeth II by Arnold Machin. Oct 11, 2013 The coin was introduced on 21 April 1983 to replace the Bank of England one pound note, which ceased to be issued at the end of 1984 and was removed from circulation (though still redeemable at the Bank's offices, like all British coins and banknotes) on 11 March 1988. Check out the World Price Guide on NGCcoin.com for Great Britain Pound values. It's easy-to-use, online and free! 1983 933: Pound: 443,053,510 Shop Now!
Why a pound today is worth only 29% of a pound in 1983
Updated: January 13, 2020£100 in 1983 is equivalent in purchasing power to about £339.67 today, an increase of £239.67 over 37 years.The pound had an average inflation rate of 3.36% per year between 1983 and today, producing a cumulative price increase of 239.67%.
This means that today's prices are3.40 times higher thanaverage prices since 1983,according to the Office for National Statistics composite price index.A pound today only buys 29.44% of what it could buy back then.
The 1983 inflation rate was 4.59%. The current year-over-year inflation rate (2019 to 2020) is now 1.50%1.If this number holds, £100 today will be equivalent in buying power to £101.50 next year.
| Cumulative price change | 239.67% |
| Average inflation rate | 3.36% |
| Converted amount (£100 base) | £339.67 |
| Price difference (£100 base) | £239.67 |
| CPI in 1983 | 335.100 |
| CPI in 2020 | 1,138.243 |
| Inflation in 1983 | 4.59% |
| Inflation in 2020 | 1.50% |
| £100 in 1983 | £339.67 in 2020 |
One Pound 1983 Value
DownloadBuying power of £100 in 1983
This chart shows a calculation of buying power equivalence for £100 in 1983 (price index tracking began in 1750).
For example, if you started with £100, you would need to end with £339.67 in order to 'adjust' for inflation (sometimes refered to as 'beating inflation').
When £100 is equivalent to £339.67 over time, that means that the 'real value' of a single U.K. pound decreases over time. In other words, a pound will pay for fewer items at the store.
This effect explains how inflation erodes the value of a pound over time. By calculating the value in 1983 dollars, the chart below shows how £100 is worth less over 37 years.
According to the Office for National Statistics, each of these GBP amounts below is equal in terms of what it could buy at the time:
| Year | Pound Value | Inflation Rate |
|---|---|---|
| 1983 | £100.00 | 4.59% |
| 1984 | £104.98 | 4.98% |
| 1985 | £111.37 | 6.08% |
| 1986 | £115.16 | 3.40% |
| 1987 | £119.96 | 4.17% |
| 1988 | £125.84 | 4.90% |
| 1989 | £135.63 | 7.78% |
| 1990 | £148.46 | 9.46% |
| 1991 | £157.18 | 5.87% |
| 1992 | £163.06 | 3.74% |
| 1993 | £165.65 | 1.59% |
| 1994 | £169.65 | 2.41% |
| 1995 | £175.53 | 3.47% |
| 1996 | £179.77 | 2.41% |
| 1997 | £185.41 | 3.14% |
| 1998 | £191.76 | 3.43% |
| 1999 | £194.72 | 1.54% |
| 2000 | £200.48 | 2.96% |
| 2001 | £204.03 | 1.77% |
| 2002 | £207.43 | 1.67% |
| 2003 | £213.43 | 2.89% |
| 2004 | £219.79 | 2.98% |
| 2005 | £225.99 | 2.82% |
| 2006 | £233.21 | 3.20% |
| 2007 | £243.21 | 4.29% |
| 2008 | £252.91 | 3.99% |
| 2009 | £251.57 | -0.53% |
| 2010 | £263.18 | 4.61% |
| 2011 | £276.87 | 5.20% |
| 2012 | £285.77 | 3.21% |
| 2013 | £294.45 | 3.04% |
| 2014 | £301.40 | 2.36% |
| 2015 | £304.39 | 0.99% |
| 2016 | £309.67 | 1.74% |
| 2017 | £320.77 | 3.58% |
| 2018 | £328.74 | 2.48% |
| 2019 | £334.65 | 1.80% |
| 2020 | £339.67 | 1.50%* |
This conversion table shows various other 1983 amounts in today's pounds, based on the 239.67% change in prices:
| Initial value | Equivalent value |
|---|---|
| £1poundin 1983 | £3.40poundstoday |
| £5poundsin 1983 | £16.98poundstoday |
| £10poundsin 1983 | £33.97poundstoday |
| £50poundsin 1983 | £169.84poundstoday |
| £100poundsin 1983 | £339.67poundstoday |
| £500poundsin 1983 | £1,698.36poundstoday |
| £1,000poundsin 1983 | £3,396.73poundstoday |
| £5,000poundsin 1983 | £16,983.64poundstoday |
| £10,000poundsin 1983 | £33,967.27poundstoday |
| £50,000poundsin 1983 | £169,836.37poundstoday |
| £100,000poundsin 1983 | £339,672.74poundstoday |
| £500,000poundsin 1983 | £1,698,363.71poundstoday |
| £1,000,000poundsin 1983 | £3,396,727.43poundstoday |
How to Calculate Inflation Rate for £100 since 1983
Our calculations use the following inflation rate formula to calculate the change in value between 1983 and today:
Then plug in historical CPI values. The U.K. CPI was 335.1 in the year 1983 and 1138.2433607545 in 2020:
£100 in 1983 has the same 'purchasing power' or 'buying power' as £339.67 in 2020.
To get the total inflation rate for the 37 years between 1983 and 2020, we use the following formula:
Plugging in the values to this equation, we get:
News headlines from 1983
Politics and news often influence economic performance. Here's what was happening at the time:
- 26 million pounds in gold, diamonds and cash is stolen from Brink's-Mat warehouse at Heathrow Airport in London, which is considered to be one of the world's greatest robberies.
- Ronald Reagan ends the United States embargo against Guatemala.
Raw data for these calculations comes fromthe composite price index published by the UK Office for National Statistics (ONS). A composite index is created by combining price data from several different published sources, both official and unofficial. The Consumer Price Index, normally used to compute inflation, has only been tracked since 1988. All inflation calculations after 1988 use the Office for National Statistics' Consumer Price Index, except for 2017, which is based on The Bank of England's forecast.
You may use the following MLA citation for this page:“Value of 1983 pounds today UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 8 Feb. 2021, https://www.officialdata.org/uk/inflation/1983.
Queen Elizabeth II - Fifth Portrait
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.