Have you ever heard the term troy ounce? If so, then you know that it refers to precious metals. Even those who buy gold and silver bullion don’t fully understand a troy ounce and how it is measured versus other ounces, grams, or penny weights. I am going to define what a troy ounce is, and what it means to you when it comes to gold and silver bullion.
Troy Ounce | the Imperial Measure
Those of you who aren’t familiar with the term troy ounce are about to get a quick education in what it means and why it matters. Most gold bars that you see out there today are marked with this so, what does it really mean?
Simply put, troy ounce is what is known as an imperial measure, or in other words, a British unit of measure. It was first defined in British weights and measures in the Weights and Measures Act of 1824. This was their system of units so to speak until 1959, and after that time, the metric system was something many would become familiar with.
The funny part is that the UK partially adopted this just last year, in 2011. While it may seem odd, it was just that each country had their own way of doing things and then once united, they began sharing their thoughts, ideas, and even customs.
Troy Ounce | Weights
When it comes to explaining the troy weights system it’s also safe to say that it’s the Roman monetary system. When this was developed the Romans were actually carrying around bars of bronze as their currency. These were known as aes grave, which simply means “bronze bars”.
This was the name that they were given in 4th and 5th century B.C., and the standard weights varied based upon the issuing authority at that time. These bars were nothing skimpy, and at that time they weighed about one pound. The troy ounce was reserved for precious metals, and continues to be the measurement of choice today.
So, how much does a troy ounce really weigh? To break it down, we could say that it weighs 480 grains, and that a grain weighs in at 64.79891 milligrams and one troy ounce is 31.1034768 grams. Make sense?
Troy Ounce | Where Does the Name Troy Come From?
So, now that you know a bit more about the troy ounce and where it comes from, where does the name troy really come from? The name dates back to 1390, which is long ago, but what difference does time make?
It seems as though the name troy isn’t all that common anymore, and it’s often related to a market in Troyes, France even though the market didn’t come along until much later.
Regardless of where the name comes from, it is still a measurement that we use today, and it’s commonly noted on gold bars and silver dollars.
Do you want to learn more about precious metals and how they are weighed? If so, then CLICK HERE today to contact me, and we will set a time to go over it!