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Archive for the ‘Money in Regency’ Category

Regency Women: Money Matters

Posted in British Inheritance Laws, Catherine Morland, Emma, Georgian Life, Jane Austen's World, Marriage, Money in Regency, Persuasion, Pride and Prejudice, Regency Women, Sense and Sensibility on November 8, 2021| 6 Comments »

Last month, I wrote about Pin Money, or allowances, in Jane Austen’s life and novels. This time, I’m looking more closely at the importance of money in a genteel woman’s life and how it plays out in Austen’s novels.

Money is one obvious way parents could put limits on their children and keep them under control. This happened to both sexes for various reasons in Jane Austen’s time, but it carried even more weight for a woman because there were also financial consequences that came with marriage once she left her father’s home, even if she came from a wealthy family.

At that time in England, husbands had complete control over the finances of their wives. Without an adequate personal budget to spend as she liked, a wife had to go to her husband to ask for money to buy anything and everything she might need. Without a set allowance, wives could find themselves in a very difficult or unhappy position. This is one of many reasons why the marriage settlement (or prenuptial agreement) was so crucial because it was one way fathers could make sure their daughters (and grandchildren) were taken care of financially.

Gwyneth Paltrow in Emma, 1996.

Marriage Settlements

A young woman from a wealthy family would obviously qualify for better marriage terms than a young woman with very little. Her father could leverage what his daughter brought to the marriage for a highly favorable marriage settlement, allowing for her to have the pin money she needed, portions for her children, and a widow’s pension in the event that her husband died. Young women who did not bring as much to the marriage would have a smaller personal budget or, in some cases, no personal budget whatsoever.

In Daniel Pool’s What Jane Austen Ate and What Charles Dickens Knew, he writes, “Typically the bride’s family would have their lawyers negotiate with the husband’s lawyers, to get the husband to agree to grant her ‘pin money,’ which was a small personal annual allowance while he lived, a hefty chunk of property or money to support her after he died, and ‘portions’ of money for their children. All this would be written up in the ‘marriage settlement’ by the lawyers before anybody walked down any aisles.”

In JASNA’s Persuasions, you can read all about The Marriage Law of Jane Austen’s World. (For more on marriage settlements and marriage law in the Regency Era, please see the resources at the end of this article.)

Marriage Settlement, Mills College Library Heller Rare Book Room, Special Collections. Photo by Rachel Dodge, 2019.

Money Matters in Jane Austen’s Novels

In each of Austen’s novels, we find intriguing scenes that relate to women and personal money. Each of these examples shows us just how important it was for a woman to have her own money and the problems (and dangers) that could arise if she did not have any money or ran out of money, especially if she was away from home:

Fanny Price’s £10

In Fanny’s case in Mansfield Park, Sir Thomas supplies her with money before she leaves for her journey to visit her family in Portsmouth:

It had very early occurred to her that a small sum of money might, perhaps, restore peace for ever on the sore subject of the silver knife, canvassed as it now was continually, and the riches which she was in possession of herself, her uncle having given her £10 at parting, made her as able as she was willing to be generous.

Mansfield Park, Jane Austen

Harriet Smith’s Purse

In Emma, we see evidence of Harriet Smith’s allowance, which comes in handy when she meets the “trampers” on the road:

More and more frightened, she immediately promised them money, and taking out her purse, gave them a shilling, and begged them not to want more, or to use her ill.

Emma, Jane Austen
“The terror … was then their own portion.” Illustration by C.E. Brock.

Lydia and Kitty Bennet’s Mismanagement

In Pride and Prejudice, Lydia and Kitty spend their pin money money at the shops and must borrow money from Elizabeth and Jane when they surprise them for a meal at the inn in Hertfordshire:

“And we mean to treat you all,” added Lydia, “but you must lend us the money, for we have just spent ours at the shop out there.” Then, showing her purchases—“Look here, I have bought this bonnet. I do not think it is very pretty; but I thought I might as well buy it as not. I shall pull it to pieces as soon as I get home, and see if I can make it up any better.”

Lydia Bennet, Pride and Prejudice

Nancy Steele’s Fright

In Sense and Sensibility, we find this intriguing passage about the Steele sisters and personal money when Nancy Steele must go to Mrs. Jennings for money after Lucy borrows all of Nancy’s money and marries Robert Ferrars:

Not a soul suspected anything of the matter, not even Nancy, who, poor soul! came crying to me the day after, in a great fright for fear of Mrs. Ferrars, as well as not knowing how to get to Plymouth; for Lucy it seems borrowed all her money before she went off to be married, on purpose we suppose to make a show with, and poor Nancy had not seven shillings in the world…

Mrs. Jennings, Sense and Sensibility
Lucy Steele (Anna Madeley) and Anne, or “Nancy,” Steele (Daisy Haggardand), Sense and Sensibility, 2008.

Catherine Morland’s Borrowed Fare

In Northanger Abbey, money becomes quite important in a crucial moment. First, money is mentioned when Catherine Morland goes to Bath. Her parents send her with money for her personal expenses and ask her to keep account of her spending:

I beg, Catherine, you will always wrap yourself up very warm about the throat, when you come from the rooms at night; and I wish you would try to keep some account of the money you spend; I will give you this little book on purpose.”

Mrs. Morland, Northanger Abbey

Money is mentioned again when Catherine is suddenly and unexpectedly sent home from Northanger Abbey. While she is in Bath, she is under the care of her hosts, the Allens, who would, of course, pay for many of her expenses while she is under their roof and their protection. However, once she goes to Northanger, she is essentially under the care and protection of General Tilney. When he sends her home abruptly, he does not provide the funds necessary for her journey home, leaving her in a very precarious and even dangerous situation. This was a terrible oversight on his part. Thankfully, Eleanor is able to provide the funds, which we may assume is from her own personal allowance:

It had occurred to her that after so long an absence from home, Catherine might not be provided with money enough for the expenses of her journey, and, upon suggesting it to her with most affectionate offers of accommodation, it proved to be exactly the case.

Catherine had never thought on the subject till that moment, but, upon examining her purse, was convinced that but for this kindness of her friend, she might have been turned from the house without even the means of getting home; and the distress in which she must have been thereby involved filling the minds of both, scarcely another word was said by either during the time of their remaining together.

Northanger Abbey, Jane Austen

Catherine makes it home safely and repays the money to Eleanor by mail with only a short note: “The money therefore which Eleanor had advanced was enclosed with little more than grateful thanks, and the thousand good wishes of a most affectionate heart.”

The Morlands, a very practical bunch, decide after a bit that it all ended well in the end, but even they cannot understand such a “breach of conduct” on General Tilney’s part:

They were far from being an irritable race; far from any quickness in catching, or bitterness in resenting, affronts: but here, when the whole was unfolded, was an insult not to be overlooked, nor, for the first half hour, to be easily pardoned.

Mr. and Mrs. Morland could not but feel … that, in forcing her on such a measure, General Tilney had acted neither honourably nor feelingly—neither as a gentleman nor as a parent. Why he had done it, what could have provoked him to such a breach of hospitality . . . was a matter which they were at least as far from divining as Catherine herself…

Northanger Abbey, Jane Austen
Felicity Jones as Catherine Morland, Northanger Abbey, 2007.

Mrs. Smith’s Recovered Property

In Persuasion, we turn our attention to the widowed Mrs. Smith, whose husband had badly mismanaged their finances: “She was a widow and poor. Her husband had been extravagant; and at his death, about two years before, had left his affairs dreadfully involved.” In this situation, it is not just Mrs. Smith’s personal finances that are at stake, but her finances at large. Here, we see Captain Wentworth use his influence to work on her behalf and help improve her financial circumstances. At the end of the novel, we read this:

[Mrs. Smith] was their earliest visitor in their settled life; and Captain Wentworth, by putting her in the way of recovering her husband’s property in the West Indies, by writing for her, acting for her, and seeing her through all the petty difficulties of the case with the activity and exertion of a fearless man and a determined friend, fully requited the services which she had rendered, or ever meant to render, to his wife.

Persuasion, Jane Austen

When we look at the parents, guardians, husbands, and friends in the examples above, it’s clear that Austen uses money matters (just as she uses so many other clever devices) to point to character and propriety. We could go through each novel and study each of the male and female characters and surmise quite a bit about their personalities just from the way they each manage money.

It’s clear that the characters in Austen’s books who provide well for their wives, children, and friends–and those who are generous and charitable with their money–are the characters we should admire and respect. Conversely, those who handle their money poorly–and those who manipulate and use and abuse others for financial gain or for personal control–are the characters we should distrust and, in some cases, even despise. In Austen’s novels, money matters.

RACHEL DODGE teaches college English classes, gives talks at libraries, teas, and book clubs, and writes for Jane Austen’s World blog and Jane Austen’s Regency World magazine. She is the bestselling author of The Anne of Green Gables Devotional: A Chapter-By-Chapter Companion for Kindred Spirits and Praying with Jane: 31 Days Through the Prayers of Jane Austen. Her newest book The Little Women Devotional is now available for pre-order and releases December 2021. You can visit Rachel online at www.RachelDodge.com.

Links About Marriage and Marriage Settlements:

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Regency Women: Pin Money and Private Expenses

Posted in Georgian Life, Jane Austen's World, Jeniffer Ehle, Marriage, Money in Regency, Pride & Prejudice 1995, Pride and Prejudice, Regency, Regency Customs, Regency Life, Regency Women, Upper Class on October 11, 2021| 3 Comments »

As we investigate the private lives of Regency Women, it’s important to consider money and a woman’s private expenses. If a genteel woman was expected to dress a certain way, do her hair in the latest styles, wear the right shoes and accessories to accentuate her beauty, and care for her own private needs and beauty regimes, how did she pay for everything she needed?

If one of Jane Austen’s heroines (or Jane herself) wanted to purchase something like a bonnet or a ribbon or a new gown, where did she get the money? Who supplied her with money, what was the amount she might have to spend, and how often was it replenished? Let’s find out!

You are very right in supposing how my money would be spent—some of it, at least—my loose cash would certainly be employed in improving my collection of music and books.

Marianne Dashwood, Sense and Sensibility
Magazine of Female Fashions of London and Paris, No.21. London Dresses, 1799, Wikipedia Commons.

Pin Money

Pin money, also sometimes referred to as an allowance, was the money that genteel Regency women used for personal expenses, such as dresses, hats, shoes, and other things of that sort. She kept an accounting of it herself and must balance her own budget.

The history of the term “pin money” dates back to the 1500s: “At that time, pin money was a substantial sum that was used for important purchases. The expression is linked to the price of straight pins, once items that were very rare and expensive, and part of the necessary purchases to run a household” (Grammarist). Over time, the term became synonymous with a woman’s personal money.

For the most part, genteel Regency women were entirely reliant on their male relatives for any “loose cash” for their own personal expenses. As an unmarried woman, she would only have what money her father or a close male relative gave to her (or left to her). Once married, she only had what her husband gave to her or what she was entitled to as part of her marriage settlement.

British Sixpence, 1816, Wikipedia Commons.

Jane Austen’s Allowance

We know that Jane Austen herself had a small allowance from her father. In Oliver MacDonough’s Jane Austen: Real and Imagined Worlds, we read this: “Jane had nothing of her own beyond the pin-money allowed her by her father, which was probably only £20 a year.” Cassandra’s annual allowance, as noted in a letter from 28 December 1798 was twenty pounds: “If you will send my father an account of your Washing & Letter expenses, & c, he will send you a draft for the amount of it, as well as for your next quarter [£5, to be paid on 1 January].”

Mrs. Darcy’s Pin Money

Finally, Pride and Prejudice shows us how a generous allowance allowed married women to live in comfort, having enough for their own needs and for the needs of others, either for charitable giving or to help support family members.

We can now read Mrs. Bennet’s famous reaction to Elizabeth’s engagement to Mr. Darcy with even more interest:

Oh! my sweetest Lizzy! how rich and how great you will be! What pin-money, what jewels, what carriages you will have! Jane’s is nothing to it – nothing at all.

Mrs. Bennet, Pride and Prejudice
Jennifer Ehle and Colin Firth, Pride and Prejudice, 1995

And it seems that Mrs. Bennet was correct indeed. We see this play out when Lydia writes to Elizabeth at the end of Pride and Prejudice, hoping to get a regular allowance from Elizabeth and Darcy: “As it happened that Elizabeth had much rather not, she endeavoured in her answer to put an end to every intreaty and expectation of the kind.”

However, while the Darcys do not provide the Wickhams with a regular allowance, Elizabeth still kindly send gifts of money on a frequent basis to help Lydia. She gives this money out of her own private funds, which as the text implies, was substantial:

Such relief, however, as it was in her power to afford, by the practice of what might be called economy in her own private expenses, she frequently sent them. . . and whenever [the Wickhams] changed their quarters, either Jane or herself were sure of being applied to for some little assistance towards discharging their bills.

Pride and Prejudice, Jane Austen

The Love of Money

Money mattered greatly in the lives of Jane Austen’s Regency women. Having “loose cash” didn’t just provide for bonnets and gowns; it also provided for the safety and protection of several of Austen’s female characters. Money could be used as a means of control or generosity. It could limit a woman or give her greater freedom.

Join me again next month as we delve further into Regency Women: Money Matters and look closely at several instances where Austen uses a lady’s personal money (or lack thereof) as a clever plot device.

RACHEL DODGE teaches college English classes, gives talks at libraries, teas, and book clubs, and writes for Jane Austen’s World blog and Jane Austen’s Regency World magazine. She is the bestselling author of The Anne of Green Gables Devotional: A Chapter-By-Chapter Companion for Kindred Spirits and Praying with Jane: 31 Days Through the Prayers of Jane Austen. Her newest book The Little Women Devotional is now available for pre-order and releases December 2021. You can visit Rachel online at www.RachelDodge.com.

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Pride and Prejudice Economics: Or Why a Single Man with a Fortune of £4,000 Per Year is a Desirable Husband

Posted in Film adaptation, jane austen, Money in Regency, Mr. Bingley, Mr. Darcy's income, Netherfield, Pride & Prejudice 1995, Regency World, tagged , , , , , , , , , , , on February 10, 2008| 38 Comments »

A single man of large fortune; four or five thousand a year. What a fine thing for our girls! – Mrs. Bennet on Mr. Bingley’s income, Pride and Prejudice, Volume One, Chapter One

One of the hardest concepts for today’s readers to grasp in Jane Austen’s novels are the economic realities of the times. What do her numbers mean in modern terms? What was the standard of living during the regency era? When Olivia Williams as Jane Austen blurted to her brother Henry in Miss Austen Regrets, “Sense and Sensibility has brought me £140. May I not be proud of that?” – how can we translate that sentence so that it would hold some meaning for us?

A currency converter provided by the National Archives in the U.K. provides a rough idea of what these 1810 figures mean. Further clarification from experts will round out our understanding. Please keep in mind that the sums in the third column of the chart are merely approximations. At this precise time U.S. citizens should multiply these figures by two to derive a dollar amount. I am not an expert, and I will leave more detailed explanations to economists like Brad de Long.

To put some of these sums into perspective, the average annual income for an English laborer or farmer in 1800 was around 15-20 pounds. To live comfortably, an English gentleman like Mr. Bennet, would require around 300 pounds per year per individual, or over fifteen times the amount for a working man who supported his family. As you can see from the figures, as long as Mr. Bennet lived, his family was comfortably off. But the situation would change drastically the moment he died. After that unhappy event, Mrs. Bennet would be expected to live off the 4% interest of her £5,000 marriage settlement, or £200 per year. No wonder she became shrill every time she thought of her unmarried daughters, for Mr. Bennet’s entire yearly £2,000 income and his house were entailed to Mr. Collins. After Mrs. Bennet’s death, Lizzy would receive just 1/5 of her mother’s marriage portion, and she would bring to her marriage only 40 pounds per year.

Today it is hard to accurately determine the spending power of these sums (see the different estimates of Mr. Bingley’s income in the example below). Factors that influence spending power are war, inflation, cost of goods, housing and the geographic area in which the dwellings were located. In any event, Mr. Darcy’s and Mr. Bingley’s incomes would still be regarded as exceedingly fine. In fact, Mr. Darcy’s 10,000 per year represents only 4% interest of his vast fortune. And Mr. Bingley, though he receives only 4,000 per year, inherited almost 3.4 million pounds from his tradesman father in today’s terms.

“…the income would normally come from agricultural profits on land or from other property and investments (in Bingley’s case it turns out the be the latter). It is not easy to translate incomes of the time into today’s money. By some calculations, the effects of inflation mean that a pound in Jane Austen’s time has the same value as almost forty pounds today; if so, Bingley’s income would be the equivalent of 150,000 to 200,000 a year in today’s pounds (or around $250,000-$300,000 in current U.S. money). Altered economic condition, however, make estimates like this tricky: for example, goods tended to be much dearer at that time, in relative terms, while labor tended to be much cheaper. In addition, average incomes in this period, even when adjusted for inflation, were much lower than today, so Bingley’s income represents a far sharper deviation from the prevailing norm than its current equivalent would be.” – Shapard, Annotated Pride and Prejudice, P 5

One can now understand why in Sense and Sensibility Mrs. Dashwood and her daughters were forced to economize. When John Dashwood, under his wife’s influence, reneged on his promise to his dying father to contribute substantial sums of money to his step family, the women were forced to live on 500 pounds per year. This paltry sum would have barely covered their living expenses had it not been for Sir John Middleton’s generosity in inviting his cousin to live in a cottage on his estate.

Like the Dashwood women, Jane Austen, her mother, and sister also experienced chronic money worry. However, through the sale of her books Jane was able to earn a much needed supplemental income. While the £140 she earned from the sales of Sense and Sensibility does not sound like much, it represents close to $9,800 in today’s U.S. sums. In fact, the proceeds from the sale of her four books netted her over 23,000 pounds or around 46,000 dollars towards the end of her life. After her brother Henry’s financial reversals, this money must have been a welcome boon indeed.

Now that you’ve gained some understanding of what these sums of money mean, please read the following statement made by Mrs. Bennet in Volume 3 of Pride and Prejudice, Chapter 17:

Dear, dear Lizzy. A house in town! Every thing that is charming! Three daughters married! Ten thousand a year! Oh, Lord! What will become of me. I shall go distracted.

How much does ten thousand a year in 1810 represent?
a) £339, 600
b) $680,000
c) A princely sum
d) In relative terms, all of the above

Georgianna Darcy’s marriage portion is 30,000. How much annual income would this sum derive?

a) £3,000
b) £12,000
c) £1,200
d) £120
Sources and resources:

  • Shapard, David M., The Annotated Pride and Prejudice, Jane Austen, Anchor Books, 2004
*References, Acknowledgements, Links, and Abbreviations, For the Male Voices Web Site
**Literary Study Tour: Jane Austen, 1998
***Ian Littlewood, Jane Austen: A Critical Assessment, p 205, 1998

Addendum:

To learn more about the ‘Cost of Living in Jane Austen’s England: Vulgar Economy’, click here . This article from the Jane Austen Centre goes into further detail about the Mrs. and Misses Dashwoods’ economic situation.

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Renting Kellynch Hall

Posted in jane austen, Money in Regency, Persuasion, Regency Life, Regency style, Regency World, Renting Kellynch Hall, tagged , , on October 26, 2007| 8 Comments »

Helpful Readers,

Yesterday I received some extremely interesting questions from a reader about renting Kellynch Hall. Unfortunately, they came at a time when I am entertaining house guests. I cannot apply myself to the task until later this week, except to provide this link to Jane Austen’s Economics. Can anyone answer part or all of the questions below? Your comments are welcome and I thank you ahead of time for helping out.


If you cannot answer the questions but are interested in the topic, here are some links to online articles from the Jane Austen Society of Australia: One is about Kellynch Hall, which contains all the references to it in Persuasion, and one written by Jon Spence about Stoneleigh Abbey, the great house belonging to Mrs. Austen’s side of the family.

Click here for a fun trivia quiz about the Eliots of Kellynch Hall, and here for the website, Kellynch Hall.

Click here for my article, How Rich is Fitzwilliam Darcy? and some material supporting Brad de Long’s words.

Enough dithering, here are the questions:

  1. How much would it cost to live at Kellynch annually? Simply, that is, without sorbet and six liveried footmen–just the way Lady Eliot would have kept the place running in the black.
  2. Just how much rent did Admiral and Mrs. Croft pay for a furnished house of that consequence?
  3. Would the rent pay for building maintenance and upkeep or just the cost of running the house and keeping the servants?
  4. Would Sir Walter’s debts be whittled down by renting Kellynch? Is he making a small profit on the rental? Or just not losing money, treading water so to speak?
  5. It seems that the Crofts took over the charity obligations since Anne “was so sure” of the poor being relieved when the Eliots left for Bath. Was that usual for renters? Why did that duty not fall on the rector or the parish?

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