If you have taken an interest in gold, and have been researching what gold to buy, you will have seen gold being measure in ounces and may have wondered “How many grams are in an ounce?”. A gold ounce is different to measuring everyday items like flour or sugar. Precious metals such as gold are weighed using troy ounces, a separate unit from the “regular” ounce also known as an avoirdupois ounce. Here is a breakdown of the key differences, historical origins, and fascinating facts about this unique measurement system.
| Unit | Grams |
|---|---|
| Troy Ounce | 31.1035 |
| Ounce | 28.3495 |
Why It Matters: A troy ounce is ~10% heavier than an avoirdupois ounce. Mistaking the two could lead to significant valuation errors in gold transactions.
People are often confused by both systems, as they are both labelled as ‘ounce’, but their translation to grams is different. This can be crucial to understand when looking to purchase gold bullion or sell gold coins such as the 1oz Britannia.
The troy ounce system dates back centuries and has medieval origins. The term ‘troy’ traced back to the city of Troyes in France, a major hub for trade during the medieval times. Merchants standardised weights here to facilitate easy international trade. International fairs in cities like Troyes were crucial for successful commerce in the Middle ages. The troy ounce emerged as a reliable standard for valuable commodities like gold and silver.
The troy system may trace further back to Roman libra (balance) weights. England adopted it in the 15th century for coinage and precious metals, later spreading it globally through trade and colonisation.
The U.S. Mint formalised the troy ounce for coinage in 1828, cementing its use in precious metals.
Lighter Pounds, Heavier Ounces: A troy pound (12 troy ounces) weighs ~373 grams, while an avoirdupois pound (16 ounces) weighs ~454 grams. Despite fewer ounces, the troy pound is lighter!
Global Standard: Even metric system countries use troy ounces for gold pricing. The global gold spot price is measured in troy ounces, and is used by the London Bullion Market Association (LBMA).
While we often hear about “ounces of gold,” the troy system is also the standard for silver, platinum, palladium, and other precious metals.
Pennyweights and Grains: Smaller troy units include pennyweights (1/20 of a troy ounce) and grains (1/24 of a pennyweight), still used in jewellery today.
Pharmacy Connections: Troy weights were once used for apothecary measurements, linking medicine and precious metals in historical trade.
When you hear “ounce” in the context of gold, always assume it’s a troy ounce. This distinction safeguards accuracy in a market where every gram counts, especially considering gold prices have got so high! If you are still uncomfortable with converting measurements and establishing your own gold value, use a gold value calculator to work the price out for you.
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