To date, there are several different systems for measuring the weight of precious and precious metals. We are used to using grams. And on exchanges and abroad, a troy ounce is often used. This weight system is perhaps the oldest and most accurate today. What it is, how it differs from the usual one, and how to translate it into grams familiar to us - this will be discussed in this article.
Troy Oz: History of Origin
In the old days, the means of delivery of cargo and movement were very primitive, and therefore there was no point in delivering goods on order. In addition, at that time there was still no modern advertising technology. Instead, fair centers operated in medieval Europe , 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 the new products, bought the necessary goods and sold the goods 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 tribasic tribe lived here, and it is from its name that the name Troyes comes from. In the 13th century, the richest and most famous fairs operated here, and therefore their organizers strictly controlled trade in order to avoid deception of visiting merchants. In particular, they made sure that the system of measuring and weighing goods was correct and honest. So there was a troy ounce. Now it is very often used in the USA and the UK to measure the weight of precious metals, medicines and cosmetics.
Troy ounce in the system of weights and measures
This unit corresponds to one twelfth of the pound of England. One troy ounce of gold in grams corresponds to 31,1034768. This unit is designated as follows: TR.OZ. or ozt. It should not be confused with an “ordinary” ounce (denoted as oz or uncia), which is 28.349523125 g. It is easy to see that the latter is about 9% lighter. A troy ounce is included in the so-called troy system, which in addition to it includes such units of weight as the troy gran, 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. It has another name - the English gold pound, and it differs in size from the "standard" pound, equal to 453.59237, but the Troy gran is used much more often, mainly in medicine and commerce, which is why it is also called trade or pharmacy gran. If you don’t have a calculator at hand, you can use an online calculator to convert Troy system units to “normal”, 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, it is customary to round its value to 1/1000. Thus, in practice, a value of 31.103 grams (sometimes 31.1035) is used. On the exchange, this measure of gold is designated as XAU, palladium - XPD, silver - XAG and platinum - XPT.