Cotton prices touched their highest level since Reconstruction on Friday, as a string of bad harvests and demand from China spark worries of a global shortfall.
The December cotton contract hit $1.1980 a pound minutes after the opening of trading on the IntercontinentalExchange Inc. on Friday. It is officially the highest price since records began back in 1870 with the creation of the New York Cotton Exchange.
The Mississippi Historical Society has its own records that show cotton was changing hands at $1.89 a pound during the middle of the Civil War, which lasted from 1861 to 1865.
Prats. Ever heard of inflation?
$1.20 in 1865 $ is $16.30 in today\’s dollars using the CPI.
Or, in the thing we really care about (how much do we have to work to get it?) $142.00 using the unskilled wage.