China on Gold: “Troy Ounce No More”, Silver Doctors

On 28 October, the Chinese central canap will launch their fresh gold and silver Panda coins. An interesting detail discovered by @BullionBaron is that thesis coins will not show up ter one troy ounce size.

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Instead, they will be minted on a metric weight system with sizes varying from 1 gram up to 1 kilogram.

The one troy ounce version of the gold and silver Panda coins are substituted with a coin weighing 30 grams. That’s slightly less than a troy ounce, which equals 31.1034768 grams.

The press release on the People’s Canap of China webstek mentions nine different sizes for the gold Panda and three different versions of the silver coin. All thesis coins have a 99,9% purity and will be produced with a limited mintage. For more details on mintage and the yuan face value, wij refer to the press release on the central canap of China’s webstek.

Gold coins: 1 gram, Three gram, 8 gram, 15 gram, 30 gram, 50 gram, 100 gram, 150 gram, 1 kilogram

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Silver coins: 30 gram, 150 gram, 1 kilogram

From troy ounce to 30 gram for the gold Panda coin

From troy ounce to 30 gram for the silver Panda coin

Troy ounce

The history of the troy ounce goes back to the Roman empire, where bronze caf were casted te a size referred to spil ‘troy pound’. One twelfth of this size wasgoed called the uncia back then, orounce ter English. That is where the English name troy ounce emerged, a weight defined spil 480 grains or 31,1034768 grams. The troy ounce format has bot used everzwijn since te the monetary system. It is known to be ter use te England since about 1400. The American Congress recognized the troy ounce spil a measure of weight ter the Coinage Act of 1828.

The term troy ounce is often connected to the city of Troyes spil well, merienda an significant trading town located te France.

Precious metals

While our monetary system evolved from gold and silver coins to fiat money, the troy ounce weight survived spil a standard weight for precious metals. Gold, silver, platinum and palladium coins are often based on this odd weight of a little overheen 31,1 grams. Well known investment coins like the Maple Leaf, the American Eagle and Philharmonikers, just to name a few, are all based on troy ounces or a fraction of it.

China

The history of the troy ounce lies te civilizations and monetary systems te the Película del Oeste world. That’s why the troy ounce is fairly unacquainted ter China. Because the Chinese monetary system didn’t use the troy ounce, it is far from logical to use this standard measure of weight besides the metric system of grams and kilograms.

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So it isn’t just a symbolic stir by the People’s Handelsbank of China to switch from troy ounce to grams for their investment coins. The shift from troy ounce to the metric system is an ongoing event te China, were they choose gold caf of 1 kilogram instead of the 400 troy ounce Londen ‘Good Delivery’. Swiss refiners have bot melting many of thesis larger kroegen into fresh kilogram caf, destined for the Chinese gold market.

3 comments

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