|1 person marked this as a favorite.
We have a similar houserule. The prices for all non-weapon mundane items remain the same, but the prices for all magic items and weapons are dropped to one tenth. Effectively, all references to "gp" become silver pieces. My players have commented on how much more believable it feels when you're not carting Fort Knox around in your backpack. 8000 gold coins should be a royal haul.
Another side of the same problem is that the "Big Six" magical items are necessary to have viable characters and are also expensive and horribly, horribly boring (this cloak makes you ever so slightly better at diving for cover, resisting mental control, and metabolizing poison. What?!). We just scrapped these items and replaced them with more frequent ability increases. It's worked pretty well.