To date, there are several different systems for measuring the weight of precious and precious metals. We are used to using grams. And on the stock exchanges and abroad, the troy ounce is quite often used. This weight system is perhaps the oldest and at the same time accurate to date. What it is, how it differs from the usual one and how to translate it into the grams we are used to - this is exactly what will be discussed in this article.
Troy ounce: origin story
In the old days, the means of delivery of goods and movement were very primitive, and therefore there was no point in delivering goods on order. In addition, at that time there were no modern advertising technologies. Instead, in medieval Europe, fair centers operated, to which all kinds of goods were brought from different places. It was here that at certain times of the year, merchants from different parts of Europe got acquainted with new products,bought what they needed and sold what they brought with them.
Since 1150, the most popular European fairs have been those held in the province of Champagne (France). Its center was Troyes, whose name is consonant with the ancient Greek city of Troy, although there was nothing in common between them. Once upon a time, back in the days of the Roman Empire, the Tricassi tribe lived here, and it is from their name that the name Troyes comes. In the 13th century, the richest and most famous fairs operated here, and therefore their organizers strictly controlled trade in order to avoid deceptions of visiting merchants. In particular, they ensured that the system for measuring and weighing goods was correct and fair. And so the troy ounce was born. Now it is very often used in the US and UK to measure the weight of precious metals, medicines and cosmetics.
Troy ounce in weights and measures
This unit corresponds to one twelfth of the British gold coin pound. One troy ounce of gold in grams corresponds to 31.1034768. This unit is designated as follows: TR. OZ. or oz. It should not be confused with the "regular" ounce (referred to as oz or uncia), which is equal to 28.349523125 g. It is easy to see that the latter is about 9% lighter. The troy ounce is included in the so-called troy system, which, in addition to it, includes such units of weight as the troy grain, equal to 64.79891 mg (1/480 TR. OZ.), and the troy pound, which is 373.2417216 grams (12 TR. OZ..). As for the latter, it is rarely used. He has one morethe name is the gold-coined English pound, and it differs in size from the “standard” pound, equal to 453.59237. But the troy grain is used much more often, mainly in medicine and trade, which is why it is also called a trade or pharmaceutical grain. If you don’t have a calculator at hand, you can use an online calculator to convert units of the Troy system to the “normal” one, and if you have to do this often, install the appropriate application on your phone.
Troy ounce of gold in modern trade
When making bank settlements using this unit, its value is usually rounded up to 1/1000. Thus, in practice, the value of 31.103 grams (sometimes 31.1035) is used. On the exchange, this measure of gold is referred to as XAU, palladium - XPD, silver - XAG and platinum - XPT.
