Old vs. New Money

What is the difference between old and new money you may ask? Well old money is "the inherited wealth of established upper-class families". The term typically describes families wealthy for generations. New money, also known as Nouveau riche, refers to a person who has acquired considerable wealth within their generation. This term is generally to emphasize that the individual was previously part of a lower rank, and that such wealth has provided the means for the acquisition of goods or luxuries that were previously unobtainable. Neither old nor new money have to do with old or new currency. In the 20th century old money was viewed as being so much better than new money.

Old money applies to those of the upper class whose wealth separates them from lower social classes. Upper class families normally earned their money of inheritance rather than a salary. In the Great Gatsby Tom Buchanan represents a character with old money. He inherited this money from his parents. Tom is said to be the "scion of those ruthless generations who rose up the great American fortunes." F. Scott Fitzgerald uses his novel The Great Gatsby to illustrate the lack of morals in those with old money.

New money is used to describe someone who was determined and worked their way up the social ladder by making money. People with new money were considered the lower-upper class. The lower-upper were those that did not come from traditionally wealthy families. In the Great Gatsby, Jay Gatsby represents new money. He shows his money off at fabulous parties in his oversized mansion in West Egg.