The Troy Ounce - How Precious Metals Are Weighed
Precious metals such as gold and silver are often sold by the troy ounce. Many people don’t realize that an ounce of gold (and other precious metals) is weighed in a different weighing system called "troy weights". A troy ounce is more than the typical ounce found at the grocery store. In many English speaking countries there are two systems for measuring weight. One, for precious metals, called the troy ounce. The other is for Commodities such as sugar, grains, and the typical grocery items. It is called the avoirdupois ounce.
In the USA the avoirdupois ounce is typically used for everyday weighing. Every time you step on the scale at home, or weight food found in the grocery, you use the avoirdupois ounce weight system. There are 16 avoirdupois ounces in a pound.
1 avoirdupois ounce = 437.5 grains, or 28.35 grams. 1 avoirdupois pound contains 16 (avoirdupois) ounces. This makes an Avoirdupois pound equal to about 453.6 grams, or the equivalent of 14.583 "troy ounces".
The troy ounce is heavier than the typical grocery store (avoirdupois) ounce used in the USA. When you purchase a 1 ounce silver or gold coin, you are receiving a "troy" ounce. If you put that same 1 troy oz. coin on a grocery store scale you will find that it weighs about 10% more than the food (avoirdupois) ounce you are familiar with. It will weigh about 1.1 avoirdupois ounces. A troy ounce is equivalent to about 31.1 grams.
Separately, the troy weight system has it's own definition of a "troy" pound. A "troy pound" contains 12 troy ounces or 373.24 grams (which is over 13 avoirdupois ounces).
It is thought that the troy ounce was named after a weight system used in Troyes France during the Middle Ages. One troy ounce = 480 grains, or 31.10 grams. There are also 20 pennyweights to a troy ounce. A troy pound contains 12 troy ounces (over 13 avoirdupois ounces) and is equivalent to 373.24 grams. 32.15 troy ounces = 1 kilogram.
Consequently, a grocery store pound which weighs 16 avoirdupois ounces (or 453.59 grams) will contain about 14.58 troy ounces.
A troy pound is lighter than a avoirdupois pound because it contains fewer ounces. Troy pound contains 12 troy ounces, avoirdupois pound contains 16 avoirdupois ounces. Even though the troy ounces are heavier, that difference is not enough to make troy pounds heavier.)
Most gold and silver bullion type coins, including the US SILVER EAGLE dollar coins and the AMERICAN GOLD EAGLES coins, are weighed in troy ounces.
In the USA the avoirdupois ounce is typically used for everyday weighing. Every time you step on the scale at home, or weight food found in the grocery, you use the avoirdupois ounce weight system. There are 16 avoirdupois ounces in a pound.
1 avoirdupois ounce = 437.5 grains, or 28.35 grams. 1 avoirdupois pound contains 16 (avoirdupois) ounces. This makes an Avoirdupois pound equal to about 453.6 grams, or the equivalent of 14.583 "troy ounces".
The troy ounce is heavier than the typical grocery store (avoirdupois) ounce used in the USA. When you purchase a 1 ounce silver or gold coin, you are receiving a "troy" ounce. If you put that same 1 troy oz. coin on a grocery store scale you will find that it weighs about 10% more than the food (avoirdupois) ounce you are familiar with. It will weigh about 1.1 avoirdupois ounces. A troy ounce is equivalent to about 31.1 grams.
Separately, the troy weight system has it's own definition of a "troy" pound. A "troy pound" contains 12 troy ounces or 373.24 grams (which is over 13 avoirdupois ounces).
It is thought that the troy ounce was named after a weight system used in Troyes France during the Middle Ages. One troy ounce = 480 grains, or 31.10 grams. There are also 20 pennyweights to a troy ounce. A troy pound contains 12 troy ounces (over 13 avoirdupois ounces) and is equivalent to 373.24 grams. 32.15 troy ounces = 1 kilogram.
Consequently, a grocery store pound which weighs 16 avoirdupois ounces (or 453.59 grams) will contain about 14.58 troy ounces.
A troy pound is lighter than a avoirdupois pound because it contains fewer ounces. Troy pound contains 12 troy ounces, avoirdupois pound contains 16 avoirdupois ounces. Even though the troy ounces are heavier, that difference is not enough to make troy pounds heavier.)
Most gold and silver bullion type coins, including the US SILVER EAGLE dollar coins and the AMERICAN GOLD EAGLES coins, are weighed in troy ounces.
Protection During Uneasy Economic Times Is Found In Precious Metals
You may have heard that citizens throughout the world flee to gold, silver, and precious metals when economies and currencies face crises. That's true throughout history and even today. The reasoning is sound, precious metals can protect the wealth and purchasing power of those who live in a country facing such a crises. I guess the question for everyone comes down to, "Do you think such a crises can happen to our country?" If you think there is a chance, then you may want to purchase some gold or silver for yourself and family. Below are some thoughts on the subject :
If times of uncertainty arise and gold /silver is the desired medium of exchange it will be advantageous to have some smaller increment gold or silver coins (or bars). It may be hard for someone to make change for a large 1 ounce gold coin, and if they don’t have smaller ones available, you may be forced to barter for something you don’t need to make up the difference.
A coin or bar written in a foreign language may be difficult to use as currency (in the USA) or to trade during a time of crises. There may be an advantage to owning coins with English writing on them. Also, coins that mention the gold or silver content (on the coin) may be more readily accepted in such times.
There is nothing like having a bad purchasing experience to keep you from doing the right thing. Dealers who have invested time and money in their reputation normally are very careful, aware of counterfeits, etc. I might also mention that all items sold by LynnCoins.com are guaranteed to be genuine.
The metals markets move up or down daily. Even experts have difficulty trading the short term markets. Little moves in today’s market may seem big today. However, in a time of crisis today’s moves will likely look as if they were nothing.
If deciding "when" to invest is keeping you from committing to your plan, start with a portion of what you want to invest. You can then purchase more with the remainder of your funds over a period of time. The disadvantage of this plan is that it can easily create a desire to try to guess lows in the market before making the next purchase. (The market never seems to make a recognizable low……and who knows a low when it’s there?) Caution - Next thing you know, time has flown by, a purchase is never made, and you’re unprepared for a financial crisis when it occurs.
When times get bad, you may not be able to find any gold or silver available at market prices. I'd like to say that no matter what happens we will always have everything you desire in stock and ready to ship. The truth of the matter is that most dealers in precious metals move their inventory very fast. (With low profit margins you have to.) And, the worst times get, the harder it will be to find what you want. It's happened in the US to a limited degree in the past.
You might find that gold or silver coins are interesting to you and purchasing a variety of coin or bar designs is appealing. Many beautiful items are available at slight premiums over the precious metal content. It's an added benefit if you can enjoy what you are investing in. If you have no interest in the collecting aspect, stick with the most popular items.
You may want to start with some smaller size 1/10th ounce and 1/4th ounce gold coins, and maybe a few 1/20th or 1/25th ounce. Most of the recently minted gold coins are about the same price in circulated or mint uncirculated condition. One would think that the types of coins in demand now, will also be in demand in a time of crisis.
If times of uncertainty arise and gold /silver is the desired medium of exchange it will be advantageous to have some smaller increment gold or silver coins (or bars). It may be hard for someone to make change for a large 1 ounce gold coin, and if they don’t have smaller ones available, you may be forced to barter for something you don’t need to make up the difference.
A coin or bar written in a foreign language may be difficult to use as currency (in the USA) or to trade during a time of crises. There may be an advantage to owning coins with English writing on them. Also, coins that mention the gold or silver content (on the coin) may be more readily accepted in such times.
There is nothing like having a bad purchasing experience to keep you from doing the right thing. Dealers who have invested time and money in their reputation normally are very careful, aware of counterfeits, etc. I might also mention that all items sold by LynnCoins.com are guaranteed to be genuine.
The metals markets move up or down daily. Even experts have difficulty trading the short term markets. Little moves in today’s market may seem big today. However, in a time of crisis today’s moves will likely look as if they were nothing.
If deciding "when" to invest is keeping you from committing to your plan, start with a portion of what you want to invest. You can then purchase more with the remainder of your funds over a period of time. The disadvantage of this plan is that it can easily create a desire to try to guess lows in the market before making the next purchase. (The market never seems to make a recognizable low……and who knows a low when it’s there?) Caution - Next thing you know, time has flown by, a purchase is never made, and you’re unprepared for a financial crisis when it occurs.
When times get bad, you may not be able to find any gold or silver available at market prices. I'd like to say that no matter what happens we will always have everything you desire in stock and ready to ship. The truth of the matter is that most dealers in precious metals move their inventory very fast. (With low profit margins you have to.) And, the worst times get, the harder it will be to find what you want. It's happened in the US to a limited degree in the past.
You might find that gold or silver coins are interesting to you and purchasing a variety of coin or bar designs is appealing. Many beautiful items are available at slight premiums over the precious metal content. It's an added benefit if you can enjoy what you are investing in. If you have no interest in the collecting aspect, stick with the most popular items.
You may want to start with some smaller size 1/10th ounce and 1/4th ounce gold coins, and maybe a few 1/20th or 1/25th ounce. Most of the recently minted gold coins are about the same price in circulated or mint uncirculated condition. One would think that the types of coins in demand now, will also be in demand in a time of crisis.