In 1860 Illinois, iron molders earned $3.00 a day, working 60-72 hours a week in dangerous conditions without labor protections, making about $936 a year. While their pay was decent for a skilled trade, living costs were still a challenge. Rent for a four-room tenement was $10.87 per month, and boarding cost around $4.41 per week. Flour ranged from $8.25 to $12.50 per barrel, fresh meat was $0.09 to $0.20 per pound, and coal cost $4.47 per ton. Clothing was also expensive, with work boots at $5.66 per pair. Gold was valued at $20.67 per ounce, and there were no federal income taxes, allowing workers to keep all their wages. Still, inflation and the high cost of essentials made saving difficult.
Today, iron molders earn about $25-$35 per hour, working 40-hour weeks with overtime pay and worker protections, making $50,000-$70,000 a year. However, living costs have risen much faster. Rent for a small apartment is over $1,200 per month, flour is about $20 per 50-pound bag, and beef costs around $5.00 per pound. Work boots range from $150 to $250, and gold is now worth over $2,000 per ounce. Federal income taxes take a share of earnings, but workers today benefit from safer conditions, set work hours, and legal protections. While wages are much higher, the cost of living has grown even more, creating different financial challenges than in the past.