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Eliezer_Yudkowsky comments on Harry Potter and the Methods of Rationality discussion thread, part 2 - Less Wrong
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Rowling's money is wildly inconsistent. I use the figure of one Galleon = $100USD and stick with it.
Still doesn't make sense why Gred and Forge would have used wands. $700 for the right wand is a perfectly sensible purchase, even on a limited budget, considering how much difference it tends to make and that a wand typically lasts a lifetime.