Quotable facts for the 1940-1949 decade in the United States...

• The minimum wage increased from 25¢ to 30¢ per hour in October 1939. Source: U.S. DOL
• Homes had a median value of $2,938 in 1940. Source: U.S. Census Bureau
• As of 1940, 59.5% of the population age 25+ had progressed no further than 8th grade. Source: Census Bureau.
• A pack of 20 cigarettes costs about 15¢ in 1940. Source: USDA
• By 1947, food comprised almost one-third of all consumer expenditures. Source: U.S. BEA
• Milk cost an average of 26¢ per half a gallon in 1940. Source: U.S. BLS
• Coffee cost an average of 21¢ per pound in 1940. Source: U.S. BLS
• 85% of 1940 model cars sold at $700 to $1,500 in late 1939.  Source: Congressional report
• Gasoline cost an average of 18¢ per gallon in 1940.  Source: U.S. EIA
• In 1941, 49% of American families lacked an automobile but by 1949, 56% had an automobile. Source: Automobile Facts and Figures, 1957 ed..
• In 1948, 59% of car buyers made the purchase in full cash. Source: Census Bureau 

Citation: “Library Guides: Prices and Wages by Decade: 1940-1949.” University of Missouri Libraries. Accessed April 26, 2023. https://libraryguides.missouri.edu/pricesandwages/1940-1949.

For individual fact sources, see link in text

The following object description information includes basic elements from the Dublin Core Metadata Initiative (DCMI).  An additional notes field is included to list dates from the actual letter, envelope postmark locations, and any other identifying details. 

• Contributing Institution - Piedmont Historical Preservation Society
• Collection Name - Margaret Payne Collection
• Language - English
• Rights - Copyright held by the Piedmont Historical Preservation Society; no reproduction without written consent from the Piedmont Historical Preservation Society.

Notes – Handwritten letter dated March 13, 1943, single page. Includes envelope, no postmark, no return adress.

This chart shows the minimum cotton mill plant wages for a mill in Virginia but shows the average pay during the 1940s

Citaion: Belman, A. A. (1966). Wage Chronology: Dan River Mills, Inc., 1943-65. Monthly Labor Review, 89(1), 48–56. http://www.jstor.org/stable/41836261

The value of $3.89 in today's market would be $67.87, and $2.89 is $49.72 in today's money.  This would take about a full day's work to be able to afford this jacket.  I would think that Margaret's parents saw John as a member of the family if she were to spend that kind of money on him.

Citation: Sears. “1940 Sears Fall Winter Catalog.” Internet Archives, n.d. https://archive.org/details/1940-sears-fall-winter-catalog.