Soldier Pay
It is often related that a Roman soldier's wage per day was essentially 1/10 troy oz silver. Adapting this idea to modern times, consider deriving this value (and hence the value of 1 troy oz silver) using the yearly pay of modern soldiers.
We consider a "soldier" to be in the Army (although, obviously this could be extended to other branches of the armed forces). We reproduce below, the Army's Basic Pay Charts for active duty soldiers and officers. Note that the soldier pay depends on experience and rank.
| Rank | <2 years | 4 years | 6 years |
|---|---|---|---|
| Private (E1) | $20,170.80 | $20,170.80 | $20,170.80 |
| Private (E2) | $22,608.00 | $22,608.00 | $22,608.00 |
| Private First Class (E3) | $23,774.40 | $26,802.00 | $26,802.00 |
| Specialist or Corporal (E4) | $26,334.00 | $30,664.80 | $31,968.00 |
| Sergeant (E5) | $28,720.80 | $33,652.80 | $36,018.00 |
| Staff Sergeant (E6) | $31,352.40 | $37,504.80 | $39,049.20 |
| Second Lieutenant (O1) | $38,260.80 | $48,142.80 | $48,142.80 |
| First Lieutenant (O2) | $44,082.00 | $59,774.40 | $61,005.60 |
| Captain (O3) | $51,019.20 | $68,058.00 | $71,323.20 |
| Major (O4) | $58,024.80 | $72,678.00 | $76,809.60 |
Because these are the yearly salaries, a daily amount would be yearly/365.25 for each cell in the table. Note that therefore, because this amount would represent 1/10 troy oz of silver, 1 troy oz of silver would be represented by 10*(yearly/365.25), which we produce below.
| Rank | <2 years | 4 years | 6 years |
|---|---|---|---|
| Private (E1) | $552.25 | $552.25 | $552.25 |
| Private (E2) | $618.97 | $618.97 | $618.97 |
| Private First Class (E3) | $650.91 | $733.80 | $733.80 |
| Specialist or Corporal (E4) | $720.99 | $839.56 | $875.24 |
| Sergeant (E5) | $786.33 | $921.36 | $986.12 |
| Staff Sergeant (E6) | $858.38 | $1,026.83 | $1,069.11 |
| Second Lieutenant (O1) | $1,047.52 | $1,318.08 | $1,318.08 |
| First Lieutenant (O2) | $1,206.90 | $1,636.53 | $1,670.24 |
| Captain (O3) | $1,396.83 | $1,863.33 | $1,952.72 |
| Major (O4) | $1,588.63 | $1,989.82 | $2,102.93 |
For a valuation of silver, we take the median 10*(yearly/365.25) over all experience levels, for ranks E1 through E4. Doing this, we obtain a valuation for silver of $634.94 / troy oz. If we use the values in the entire table, we obtain a valuation for silver of $953.74 / troy oz.
If we consider these numbers gross pay, and for net assume the soldier takes home 64%, then the valuations for silver become .64*$634.94 = $406.36 / troy oz and .64*$953.74 = $610.39 / troy oz.
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