THE ACTUAL COST AND PRESENT VALUE OF THE FIRST FOLIO SHAKESPEARE
even years after the death of Shakespeare, his collected works were published in a large folio volume, now known as "The First Folio Shakespeare." This was in the year 1623. The price at which the volume was originally sold was one pound, but perhaps we ought to take into consideration the fact that at that time money had a value, or purchasing power, at least eight times that which it has at present; Halliwell-Phillips estimates it at from twelve to twenty times its present value. For this circumstance, however, full allowance may be made by multiplying the ultimate result by the proper number.
This folio is regarded as the most valuable printed book in the English language—the last copy that was offered for sale in good condition having brought the record price of nearly $9,000, so that it is safe to assume that a perfect copy, in the condition in which it left the publisher's hands, would readily command $10,000, and the question now arises: What would be the comparative value of the present price, $10,000, and of the original price (one pound) placed at interest and compounded every year since 1623?
Over and over again I have heard it said that the purchasers of the "First Folio" had made a splendid investment and the same remark is frequently used in reference to the purchase of books in general, irrespective of the present intellectual use that may be made of them. Let us make the comparison.
Money placed at compound interest at six per cent, a little more than doubles itself in twelve years. At the present time and for a few years back, six per cent is a high rate, but it is a very low rate for the average. During a large part of the time money brought eight, ten, and twelve per cent per annum, and even within the half century just past it brought seven per cent during a large portion of the time. Now, between 1623 and 1899, there are 23 periods, of 12 years each, and at double progression the twenty-third term, beginning with unity, would be 8,388,608. This, therefore, would be the amount, in pounds, which the volume had cost up to 1899. In dollars it would be $40,794,878.88. An article which costs forty millions of dollars, and sells for ten thousand dollars, cannot be called a very good financial investment.
From a literary or intellectual standpoint, however, the subject presents an entirely different aspect.
Some time ago I asked one of the foremost Shakespearian scholars in the world if he had a copy of the "First Folio." His reply was that he could not afford it; that it would not be wise for him to lose $400 to $500 per year for the mere sake of ownership, when for a very slight expenditure for time and railway fare he could consult any one of half-a-dozen copies whenever he required to do so.