Result: $100 in 1920 → $10,354.39 in 2022
The New Zealand dollar has lost 99.034% of its value since 1920
Updated: September 11, 2025$100 in 1920 is equivalent in purchasing power to about $10,354.39 today, an increase of $10,254.39 over 102 years. The dollar had an average inflation rate of 4.65% per year between 1920 and today, producing a cumulative price increase of 10,254.39%.
This means that today's prices are 103.54 times as high as average prices since 1920, according to the OECD and the World Bank consumer price index for New Zealand. A dollar today only buys 0.966% of what it could buy back then.
The inflation rate in 1920 was 13.65%. The current inflation rate compared to the end of last year is now 5.45%. If this number holds, $100 today will be equivalent in buying power to $105.45 next year.
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| Cumulative price change | 10,254.39% |
| Average inflation rate | 4.65% |
| Converted amount $100 base | $10,354.39 |
| Price difference $100 base | $10,254.39 |
| CPI in 1920 | 1.158 |
| CPI in 2022 | 119.917 |
| Inflation in 1920 | 13.65% |
| Inflation in 2022 | 5.45% |
| $100 in 1920 | $10,354.39 in 2022 |
Buying power of $100 in 1920
This chart shows a calculation of buying power equivalence for $100 in 1920 (price index tracking began in 1915).
For example, if you started with $100, you would need to end with $10,354.39 in order to "adjust" for inflation (sometimes refered to as "beating inflation").
When $100 is equivalent to $10,354.39 over time, that means that the "real value" of a single New Zealand 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 1920 dollars, the chart below shows how $100 is worth less over 102 years.
According to the OECD and the World Bank, each of these NZD amounts below is equal in terms of what it could buy at the time:
This conversion table shows various other 1920 amounts in today's dollars, based on the 10,254.39% change in prices:
| Initial value | Equivalent value |
|---|---|
| $1 dollar in 1920 | $103.54 dollars today |
| $5 dollars in 1920 | $517.72 dollars today |
| $10 dollars in 1920 | $1,035.44 dollars today |
| $50 dollars in 1920 | $5,177.20 dollars today |
| $100 dollars in 1920 | $10,354.39 dollars today |
| $500 dollars in 1920 | $51,771.96 dollars today |
| $1,000 dollars in 1920 | $103,543.93 dollars today |
| $5,000 dollars in 1920 | $517,719.64 dollars today |
| $10,000 dollars in 1920 | $1,035,439.27 dollars today |
| $50,000 dollars in 1920 | $5,177,196.36 dollars today |
| $100,000 dollars in 1920 | $10,354,392.72 dollars today |
| $500,000 dollars in 1920 | $51,771,963.58 dollars today |
| $1,000,000 dollars in 1920 | $103,543,927.15 dollars today |
How to calculate inflation rate for $100 since 1920
Our calculations use the following inflation rate formula to calculate the change in value between 1920 and today:
CPI today CPI in 1920
×
1920 NZD value
=
Today's value
Then plug in historical CPI values. The New Zealand CPI was 1.158122 in the year 1920 and 119.9165 in 2022:
119.91651.158122
×
$100
=
$10,354.39
$100 in 1920 has the same "purchasing power" or "buying power" as $10,354.39 in 2022.
To get the total inflation rate for the 102 years between 1920 and 2022, we use the following formula:
CPI in 2022 - CPI in 1920CPI in 1920
×
100
=
Cumulative inflation rate (102 years)
Plugging in the values to this equation, we get:
119.9165 - 1.1581221.158122
×
100
=
10,254%
Data source & citation
You may use the following MLA citation for this page: “Value of 1920 New Zealand dollars today | New Zealand Inflation Calculator.” Official Inflation Data, Alioth Finance, 20 Dec. 2025, https://www.officialdata.org/new-zealand/inflation/1920.
Special thanks to QuickChart for their chart image API, which is used for chart downloads.
| Cumulative price change | 10,254.39% |
| Average inflation rate | 4.65% |
| Converted amount $100 base | $10,354.39 |
| Price difference $100 base | $10,254.39 |
| CPI in 1920 | 1.158 |
| CPI in 2022 | 119.917 |
| Inflation in 1920 | 13.65% |
| Inflation in 2022 | 5.45% |
| $100 in 1920 | $10,354.39 in 2022 |