The content described in this article is based on official and reliable sources, which are repeated at the end of this article.
Thirty years of reform and opening up have allowed almost every family to have a certain amount of savings, and in that era of material scarcity, this ten yuan is undoubtedly a huge amount of money.
In the '80s, the purchasing power of a penny was far from comparable to what it is today, when a penny could buy a packet of sugar or a popsicle.
Back in the 70s and 80s of the last century, people living in metropolises rarely had the opportunity to dine in restaurants. Although life was not rich at that time, the difference between the rich and the poor was very small, and everyone was happy.
In the 70s, when the food stamp system was introduced, private restaurants had not yet appeared, so everyone went to state-owned restaurants to eat. If you want to eat here, you must have a ticket.
So, how much was ten dollars worth in the 80s, and how much was it like now? Let's look back at that period of history and find out.
The income of the people at that time
In the 80s, China's economy was undergoing rapid development and change. The value of $10 in that era was far beyond its face value. It is not only a piece of banknote, but also a testimony of people's expectations and hard work for their future life.
At that time, China had just experienced the baptism of reform and opening up, and the face of society was undergoing earth-shaking changes. Wages are generally not high, and farmers often struggle to reap good rewards for their hard work.
In the cities, workers earn about 30 yuan a month, while in the countryside, the figure may be even lower. Despite the difficult living conditions, people's yearning for a better life has never been extinguished.
In terms of food and beverage consumption, 10 yuan could buy a lot of food at that time. A noodle or a bowl of soup costs only a few cents or a few cents, while now it costs a dozen yuan.
The price of cabbage has also dropped from a few yuan a pound to two cents a pound. The comparison of these numbers makes us more aware that the purchasing power of 10 yuan was quite strong at that time.
For example, a watch costs about 100 yuan, a bicycle costs about 160 yuan, a sewing machine costs about 170 yuan, and in the eighties, a radio, a bicycle, a sewing machine, and a watch, these four items are difficult to collect.
For some families, their only source of income is their parents' regular salary, and it is even more difficult for small traders to scrape together these four things.
The meat meal during the Chinese New Year and the sewing of new clothes have become warm memories in people's hearts, and even in the era of material scarcity, the flame of hope in people's hearts has never been extinguished.
In the 80s, China's economy was in a period of transition, and people's living standards and spending power were gradually improving. In this period, the value of 10 yuan is not only reflected in the physical objects it can buy, but also in the love of life and the expectation of the future it represents.
How many things can I buy?
When we look back at the economic situation in the 1980s, we have to mention the value of money at that time. At that time, ten dollars was not a small amount for many people.
Whether it was the merchant's troubles when making change or their worries about counterfeit money, these all reflected the unique position of Ten Yuan in that era.
For example, meat and milk were simply too cheap compared to now, when fresh pork cost only seven cents a pound, and the price of milk was unbelievably low.
As for vegetables, such as cabbage, the price is even more affordable, only a few cents per catty. There are also fruits, such as apples, bananas and watermelons, which are also very affordable.
Watermelon, in particular, was the best choice for people to cool off in those days, and the price was strictly controlled. At that time, you can see watermelon stalls everywhere in the streets and alleys in summer, and the prices are very cheap, so that today's consumers will be surprised to see it.
At that time, the dishes in restaurants were relatively cheap, for example, a plate of pork with oil was only a few yuan, and a bottle of wine was only a few yuan. Therefore, at that time, 10 yuan was enough to go to a restaurant and have a good meal.
At that time, if someone received ten dollars in fake money, it was really unlucky, because it could mean that a month or two of his hard work was in vain.
In November 1979, milk was sold at 8 cents per kilogram, and in November 1986, it was sold at the same price as pork.
This is just some relatively luxurious meat and milk, if it is used to buy vegetables, the price will be lower, you know, in 1985, a kilogram of Chinese cabbage, only 1 yuan a catty.
If you really want to go to a restaurant to eat, this money is enough to eat a lot of things, at that time in the restaurant to buy a "fat meat" only four cents, buy a bottle of liquor at most five or ten yuan in the restaurant at that time, can sell seven or eight dishes.
So in the 80s, no one would take their family to a restaurant for ten dollars, and if you did, you would definitely be a veritable "local tyrant".
I still remember that in the late 80s, someone held a wedding in a rural area in Henan, and the dishes eaten at the table were less than three yuan.
From this point of view, if you hold a wedding, you can make four or five tables of dishes for ten yuan. If you want to be grand, you can pay twenty or thirty yuan, which is equivalent to a person's monthly salary, and you can hold twenty tables of banquets, and there are vegetables and meat on each table.
I have to admit that our ten dollars in the 80s were quite valuable. But I definitely wouldn't choose to take the money to invite others to dinner, because the ten yuan to buy more things to live on is much more cost-effective than going to a restaurant to eat.
How much is the equivalent of now?
In the 80s of the 20th century, social values and consumption levels were very different from today. At that time, 10 yuan had a very high value and could play an important role in people's daily lives.
In the 80s, 10 yuan could buy many items, such as a few catties of tomatoes, cabbage and other vegetables, or some meat and fish. In addition, the money can even be used for a simple wedding.
For example, for 10 yuan, you can prepare four or five tables of banquets, each with vegetables and meat, so that the guests can eat well and well. Such a banquet would be the envy of the people around at the time.
However, despite the high purchasing power of 10 yuan at the time, most people preferred to spend it on daily necessities rather than extravagant spending.
This is because in that era of scarcity of materials, people paid more attention to practicality and frugality. For example, someone may choose to use the 10 yuan to stock up on some groceries instead of inviting someone to dinner.
So why did most people at that time prefer to spend their money on basic living than on luxuries? One of the reasons was that prices were cheaper and people's incomes were relatively limited.
In 1980, for example, the average household income in our cities was only 488 yuan, which was less than 40 yuan per month. In such an environment, everyone will become budget-conscious and spend their money on daily life.
In the 80s of the 20th century, the value of 10 yuan in social life far exceeded that of now. Not only can it allow people to buy many necessities of life, but it can also be used to have a simple wedding.
However, due to the low prices and limited income levels of the people at the time, most people still preferred to spend their money on daily necessities rather than extravagant consumption.
epilogue
In the past few decades, our society has undergone tremendous changes and development, from poverty to abundance, from material scarcity to abundance, we have come a long way.
After reform and opening up, a large number of people on the mainland seized the opportunity of the times, made a lot of money, and lived a good life, but a large number of people also learned the capitalist way of exploiting the working people.
What should we do about the working people who are being exploited now, and the gap between the rich and the poor in society is gradually widening, which is the current social situation, but it is undeniable that after the reform and opening up, the mainland's national defense strength has indeed developed rapidly, and there have also been major breakthroughs in aerospace technology.
When New China was first founded, there were still many poor people who could not even eat enough, and now no matter how poor they are, they will always have food to eat, even if they can't eat high-consumption foods such as cakes and milk tea, they can still live by eating baked cakes and steamed buns.
Source: Journal of Ningxia University (Humanities and Social Sciences Edition) A Review of Modern Economic History in Northwest China since 1980
Resources Science, "Econometric Analysis of the Dynamic Relationship between Urban Transfer, Urbanization and Economic Growth: A Case Study of Hubei Province from 1980 to 2003", Vol. 32, No. 3, 2010