Until 1965, United States quarters were made of 90% silver. At that time, the federal minimum wage was $1.25 per hour, which was equivalent to 5 quarters. Since each quarter contained ¼ ounce of silver, the amount of silver earned in one hour of labor could be calculated as follows: 5 quarters / hour * ¼ ounce / quarter * 0.9 silver = 1.125 ounces of silver / hour Now, if we apply the current price of silver, which is $30.34 per ounce, we can calculate the present-day value of one hour of minimum wage labor (based on the silver content of the 1965 quarter): 1.125 ounces of silver / hour * 30.34 dollars / ounce of silver = $34.13 In contrast, the current federal minimum wage is still only $7.25 per hour. For a more shocking comparison, if you did the same calculation with gold, the present day value of one hour of 1965 minimum wage labor would be $95.34!

The word Salary is derived from sal, the Latin word for salt. Salt was at one time used as money in ancient Rome.