Why troy ounce

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Select personalised ads. Apply market research to generate audience insights. Measure content performance. Develop and improve products. List of Partners vendors. A troy ounce is a unit of measure used for weighing precious metals that dates back to the Middle Ages. Originally used in Troyes, France, one troy ounce is equal to Royal Mint. One standard ounce, used to weigh other items such as sugar and grain, is slightly less at The troy ounce is retained even today as the standard unit of measurement in the precious metals market to ensure purity standards and other common measures remain consistent over time.

The troy ounce is often abbreviated to read "t oz" or "oz t. Some historians believe the troy ounce had its origins in Roman times. Romans standardized their monetary system using bronze bars that could be broken down into 12 pieces called "uncia" or ounce, with each piece weighing around As Europe's economic importance grew from the 10th century onward, merchants came from all over the world to buy and sell goods there.

It was, therefore, necessary to develop a new standardized monetary weight system to make doing business much easier. Some believe the merchants of Troyes modeled this new monetary system using the same weights as their Roman ancestors. The troy ounce is the only measure of the troy weighting system that is still used in modern times.

It is used in the pricing of metals, such as gold, platinum , and silver. The system was adjusted periodically, but troy weights, as we know them today, were first used in England in the 15th century. Before the adoption of the troy system, the British used an Anglo-Norman French system called the avoirdupois system, which means "goods of weight" and was also used to weigh both precious metal and non-precious metal items.

By , the troy ounce became the official standard measurement for gold and silver in Britain, and the US followed suit in The avoirdupois ounce, simply referred to as ounce oz , is a metric commonly used in the US to measure foods and other items, except precious metals.

It is the equivalent of To learn more, please see our privacy policy and our cookie policy. To agree to our use of cookies, click 'Accept' or choose 'Options' to set your preferences by cookie type. The troy ounce is used in the weighing and pricing of the precious metals : gold, platinum, and silver.

For extra confusion 1 kg is A source of regular confusion and error is people dividing a kg price by The result, though attractively close to the right answer, is always wrong. In fact they should multiply the per kilogram price by the kg per troy ounce figure 0.

By the same reasoning a per troy ounce price of gold should be divided by kg per troy ounce figure 0. Originally coming from the French town of Troyes the troy system was the basis for the medieval British system of coinage introduced by Henry II of England.

At this time much of English administration was based on French systems. The penny was literally one pennyweight of silver. One pound sterling was equal to twenty shillings, with each shilling equal to twelve pennies. Thus, one pound sterling equals pennyweights, or one troy pound of sterling silver.

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