Weights & Measures

1/1/2016

Precious metals are a weight based commodity and that weight is based on a Troy system. In the US, the standard sytem of weight is avoirdupois (i.e. postage ounce or bathroom scale pound). All precious metals are priced  and measurements are converted to troy ounces.

A Troy ounce is roughly 9.7% heavier than an Avoirdupois ounce. That translates to 14.58 Troy ounces equals an Avoirdupois pound (16 ounces). Sometimes the buyer will see or hear about products that are sold as a pound of a precious metal; usually it is silver. It is important to verify if it is an avoirdupois pound (14.58 troy ounces) or a troy pound (12 troy ounces). Products are availabe in both sizes.

The more common forms of measurement for precious metals is the metric system--grams or kilos, which are then converted to troy ounce.  The exception to this is jewelry, where prices can be quoted in either grams or penneyweights. 

 Measurement

 Troy Ounces

 20 Penneyweight (Dwt) 1.00 oz
 31.1 Grams (Gr) 1.00 oz
 480 Grains (Gn) 1.00 oz
 1 Kilo 32.15 oz