Reading world economic news, we often hear about such an measure of gold weight as an ounce. What does this mean? What does this correspond to in units familiar to us? What is the history of this concept?
Troy ounce of gold in grams is 31.1034768. This unit is also used for other valuable substances: silver, platinum and not only for them. Valuable ingredients in the cosmetics industry are also sometimes measured by weight using this measure.
Despite the fact that an ounce of gold in grams is not an integer, but a rather complex number, it remains the de facto standard for many centuries. This began a long time ago, in the midst of the Middle Ages. In the twelfth century, fairs took place annually in the French city of Troyes, to which a huge number of people, goods, money from various countries flocked. What was needed was a standard unit of measurement for precious metals, which would make it possible to carry out the correct calculations when trading, despite the fact that coins of various types and different denominations were used. There was no banknote in those years, and coins were often valued based on their exact weight.
But this is not the only ounce of gold known in history. In grams, which amounted to 29,860, Russia had its own troy ounce. There were other similar
weight units. There was, for example, an ounce of Maria Theresa, amounting to 31.1025 grams. However, in the gold business, the same unit was always adopted, which was used at the official level.
At one time, a whole system of weights associated with a troy ounce was used.
. Troy gran was 1/480 from it. Twelve of these units amounted to a pound. It was called Troy, and it should not be confused with the usual measure of weight under the same name.
Some states today issue coins whose weight is one troy ounce of gold, in grams constituting exactly 31.1034768. An example is the
Golden Eagle, minted in the United States.
Since 1919, the so-called fixing has been made in London, during which it is determined how much 1 ounce of gold is worth. This event occurs twice a day. Representatives of the five largest banking organizations in the world get together and set the price in US dollars per ounce.
Beginning in the first half of the nineteenth century, the gold standard began to exist. Its essence boils down to the fact that each currency rigidly fixes its ratio in terms of price with gold. And all international settlements are thus brought to a single basis. This brings an element of stability to the global economy, however with the onset of the twentieth century and the outbreak of World War I
this standard began to gradually become obsolete. States incurred huge expenses, and this greatly influenced the possibility of fixing a fixed price for gold. The world gradually began to be divided into several economic zones, which took as a basis one or another link of their national monetary unit. The zones of the
British pound, the American dollar and gold formed. After the
end of World War II , the American currency was finally won in this competition.
Much has changed in the economy, but a troy ounce in grams is the same value - 31.1034768. It was used earlier and continues to exist further. When weighing gold, practically no grams are used. Century traditions continue in an ounce.