According to the Federal Reserve Bank of Minneapolis, $1 in 1850 was worth the equivalent of $28.60 in 2014. The resultant value is derived by dividing CPI measures from both years.
Investopedia notes that the change in value for the same amount of money is due to inflation, or the general rise in prices. Since 1850, the rate of inflation has fluctuated, seeing a spike in 1974 of 11.1 percent. Alternatively, the inflation rate decreased in 1932 by 10.3 percent signaling deflation or the general decrease in prices as cited by Wikipedia. To maintain price stability, Investopedia notes that most central banks aim for a 2 to 3 percent inflation rate.