According to Dollar Times, the buying power of a dollar in 1950 is equivalent to $9.87 in 2014. However, the monetary value of a dollar bill has not changed. In 1950, the dollar was worth one hundred cents, as it is today.
Due to inflation, the dollar today is worth much less than the dollar was worth back in 1950. Inflation in the economy has made the spending power of monetary bills decrease as well. In other words, what cost one dollar in 1950, now cost approximately 10 dollars in 2014. A product that cost 10 cents in 1950, sells for approximately a dollar in 2014.