How Gold Is Measured

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Gold Facts
Symbol=Au
Melting point= 1948 degrees Fahrenheit
Specific gravity is 19.3
Hardness=2.5 on Mohs scale
How Gold Is Measured
Gold, Silver, and other precious metals are universally bought and sold in
Troy ounces. A Troy ounce is heavier than a standard ounce as there are only
12 troy ounces in a pound. Troy ounces are usually subdivided into either
Pennyweights, abbreviated (dwt), or Grams. Professional gold dealers prefer
grams but pennyweights are preferred by gold prospectors.
In the pennyweight system each Troy Ounce is divided into 20 units called
Pennyweights and each pennyweight is further divided into 24 grains.
Therefore one troy ounce is equal to 480 grains. This is the same system used
in measuring gunpowder and probably accounts for the popularity of the
pennyweight system. Most of the early prospectors had no idea what a gram
was but they all had a gun powder scale that was calibrated in grains.
The metric system is easy to use because all you need to remember is that one
troy ounce is 31.1 grams. Since this is based on the metric system grams are
simply divided into 1/10th or 1/100th units.
When you are buying or selling gold you must be careful when talking to
someone about a quantity of gold. Make sure that the ounces you are talking
about are the same ounces you are thinking about. Here are a few conversions
to help you keep this straight.
One Troy lb (pound)=12 troy ounces
One troy oz=20 pennyweight (dwt)
One pennyweight = 24 grains
One troy oz=480 grains
One troy oz=31.1 grams