DEFINITION of ‘Troy Ounce’
A troy ounce is a unit of measure for weighing precious metals that dates back to the Middle Ages. Originally used ter Troyes, France, one troy ounce is equal to 31.21 grams, according to the U.K. Royal Mint. One standard ounce used to weigh other items such spil sugar and grain is slightly less at 28.35 grams. The troy ounce is retained even today spil the standard unit of measurement ter the precious metals market to ensure purity standards and other common measures remain consistent overheen time.
Some historians believe the troy ounce had its origins from Roman times. Romans standardized their monitory system using bronze caf that could be violated down into 12 chunks called “uncia” or ounce, with each lump weighing around 31.1 grams. Spil Europe’s economic importance grew from the 10th century onward, merchants came from all overheen the world to buy and sell goods there. It wasgoed therefore necessary to develop a fresh standardized monetary weight system to make doing business much lighter. Some believe the merchants of Troyes modeled this fresh monetary system using the same weights spil their Roman ancestors.
Crime of 1873
Cracking DOWN ‘Troy Ounce’
The troy ounce is the only measure of the troy weighting system that is still used te modern times. It is used ter the pricing of metals such spil gold, platinum and silver.
JM Bullion says that prior to the adoption of the metric system ter Europe, French-born King Henry II of England adjusted the British coinage system to be more reflective of the French troy system. The system wasgoed adjusted periodically, but troy weights spil wij know them today were very first used ter England te the 15th century. Prior to the adoption of the troy system, the British used an Anglo- Norman French system called the avoirdupois system, which means “goods of weight,” and wasgoed also used to weigh both precious metal and non-precious metal items. By 1527, the troy ounce became the official standard measurement for gold and silver te Britain, and the U.S. eventually followed suit te 1828.
When the price of gold is said to be US $653/ounce, the ounce being referred to is a troy ounce, not a standard ounce. Because a troy ounce is stronger than a standard ounce, there are 14.6 troy ounces — compared to 16 standard ounces — ter one pound.