Speedgoat is correct.
The $17.50 represents the 17 1/2 hours I (the buyer) have to work at the $1.00/hr minimum wage for 1960 to buy the gun.
This, too, is relative:
When I got home from the Army in 1973, they were having a gas crisis. Seems that gas had gone from 29-31 cents/gal to over 35 cents. Minimum wage in 1973 was $1.60/hr.
One hour's work would buy over four and a half gallons of gasoline.
Where I live now, gas is WELL over $3.50/gal. One hour's work at $8.25/hr minimum wage will buy right about two and a third gallons.
Apples to apples, one hour's work at minimum wage will buy a little over HALF the gas it would buy forty years ago.
Oneounceload--more apples to apples:
That pickup you bought for $5400 in 1979 represented 1862 hours of work @ $2.60/hr, min wage that year. The same model pickup selling for $45k represents 5454.5454 hours @ $8.25, THREE TIMES the hours you would have worked to pay for the thing 35 years ago.
What's not apples to apples is that you're not getting the same truck you got in 1979. 350 ci gas guzzlers and armstrong steering, do-it-yourself transmissions, brakes by Flintstone, wind-wing cab-cooling and AM radios have all been upgraded, and part of the price you pay is for those upgrades.
However, a Remington Rand 1942 mfd. M1911A1 will ALWAYS be a Remington Rand 1942 mfd. M1911A1.
My point here is that we are working harder and harder for less and less--not to mention the ever-increasing tax burden--and cheap surplus firearms are pretty much a thing of the past.
ed