The word ounce comes from the ancient Roman times. The inhabitants used huge bronze coins as money, having first cut them into pieces. Thus, one-twelfth of this coin became known as an ounce and weighed 27.288 grams. Of course, this differs from the weight value of the modern ounce. After a short time, it became very popular as a unit of weight throughout Europe. After that, many countries around the world started using the metric system to measure weight. However, the ounce is the oldest unit still used in jewelry and banking.
The gold ounce: the basic unit of measurement
Since the 13th century, 1 ounce was equal to 1/16 of a pound. As a rule, when it comes to the term ounce of gold, we think of the troy ounce. The story of its creation is interesting. In the French city of Troyes, which is located in the province of Champagne, in the twelfth and thirteenth centuries, world-famous fairs were held, at which, due to the need to exchange money (there were many of them, because traders from all over the world came there), a uniform standard measuring system was created. It was based on the French livre, which was equal to the troy pound of silver. When precious metals were exchanged, gold was measured in troy ounces. It has since become the measure for determining the weight of precious metals in many modern countries. A weight equal to one-twelfth of a troy pound is the weight of an ounce. The troy pound or otherwise known as the pound of gold coin. It existed as the main unit of weight in England from 1824 to 1858 and was equal to 373.2417 grams. So one troy ounce of gold in grams has a weight of 31.1035 grams.
Although the metric system is more common in our time, the gold ounce is a symbol of centuries of tradition and its price is set by a standard of quality and purity. Some countries use their own measurements. For example, the tol unit, equal to 11.6638 grams, is in circulation in Luxembourg. It is measured when buying or selling gold. One bass in Taiwan weighs 15.244 grams. In Thailand, a thael is used at 37.5 grams, and in China and Hong Kong, one thael weighs slightly less - 37.429 grams.
How do you measure an ounce of gold?
We already know what a gold ounce is. But how do you measure an ounce of old yourself, and how do you determine the value of gold? Beginning investors are often confused about the weight of gold and its value, because they don't know how many grams an ounce of gold contains. This is because even in the modern world, a system such as the troy ounce is used to determine the weight of gold. And this ounce is often confused with an ordinary ounce.
In the United States and several other countries, the basic unit of weight is the troy pound (453.592 370 g). It is made up of 12 ounces. The troy ounce is the name of the unit for determining the weight of precious metals that is included in the system of measurements. It is designated as TR.OZ or Trojan ounce, or simply ozt. This system was used by the Romans to measure gold, silver and precious stones. This system includes pounds and grains.
Thus: One troy ounce will equal 31.1034768 grams. A pound is equal to 373.2417216g. Or twelve troy ounces. A grain is equal to 1 in 480 ounces, or 64.79891 milligrams. We must not confound the British pound with the Trojan pound, as the latter is rarely used today.
Today the troy ounce, is used especially in the financial sector, in jewelry stores, in the pharmaceutical and cosmetic industries. To calculate the metal in bars, the troy ounce is rounded and 31.103 grams are obtained. It is not clear why an outdated system should be used. Why more modern systems of measurement cannot be used. We will try to answer this question.
The most important feature of the troy ounce is the convenience of calculating the weight of precious metals to determine their price in banking and the jewelry industry. This can be calculated using an online calculator. To find out how many grams are in ounces of gold, you need to enter the number of ounces there and the calculator will automatically convert it to grams. Some coins have a weight of one troy ounce:
- US gold eagle
- gold buffalo USA
- gold bar from Australia
- krugerrand South Africa
- maple Leaf Canada
The ancient city of Troy in no way influenced the name of the Trojan ounce. The Trojan ounce was named after a small town in France - Troyes. This town became popular in the 12th century because it hosted fairs with merchants from all over the world. Prior to this, each country used its own system of measuring the value of gold, which continually created difficulties. Initially, it was proposed to adopt livre as a universal measure. Soon the troy ounce became the main method of determining precious metal measures.
How much 1 ounce of gold will cost in grams, in our time is determined by fixing in London twice a day - in the morning at half past ten and in the afternoon at three o'clock. Previously, this was not necessary because there was a gold standard. The value of gold was fixed at three pounds and seventeen shillings, nine pence for buying and three pounds, seventeen shillings and ten and a half pence for selling.