I have seen similar estimates posted here on the forum, but no proof of that (e.g. six months wages for a peasant or wealthy individual)....I find it a bit hard to believe that someone would spend six months wages to buy some buttons. Looking forward to more info on this, with references.
Your second question is interesting and something I think of often especially when watching westerns...of course the relative value changed over the decade (try googling time value of money)...but my general rule of thumb is that mid century, I feel money was worth about 100x face value to put it in 2010 dollars. You should have been able to get a pretty good meal for 20 cents. A stagecoach carryig 10,000 dollars was like 1 million dollars in today's money. Sometimes they make errors in these Westerns as I don't think enough atention was paid to this. On Gunsmoke once I remember Miss Kitty tipping a young boy a quarter for carrying some parcels for her .... she was trying to be generous, but that was like tipping the kid $25

. So I think losing your typical large cent was probably like losing a dollar today. People often say LC were used as washers, buttons, etc because after all they were only worth a cent, but this is wrong because a cent in 1850 had a lot more buying power than a cent today. A one dollar washer is not cheap.....it may have just been handy to use one when needed.
Good post!
HEAVYMETALNUT said:
I was told that a group of 4 buttons(as they were not sold individually) cost the buyer 6 months worth of wages.not sure if this is true and how much 6 months of wages consisted of either?

so,it's safe to assume that most well to do citizens were the people that adorned these buttons,not your average working farmer or peasant.
that opens up a whole new topic for me as well...we find all these large cents at colonial sites.what did one large cent buy anyways in say 1800?

a loaf of bread? a canister of fresh cow milk?