So how do all these terms affect you as a gold seller or a gold buyer? What will your gold buyer tell you and why?
A troy ounce is heavier than a regular ounce. Troy weights are used to weigh all precious metals.
A Troy ounce = 31.1 grams and a regular ounce = 28.3 grams.
- 1 Troy ounce = 31.1 grams
- 1 Troy ounce = 20 pennyweight (or dwt)
- 1 pennyweight = 1.55 grams
- 1 gram = 0.645 pennyweight
- 1 pennyweight = 24 grains
- 480 grains = 1 Troy ounce
All of the terms above may be mentioned when you’re talking about gold. The most common, however, are grams and pennyweight. You will want to be clear for yourself what the gold buyer is talking about when you’re discussing the weight of your items, and what you will be paid. All reputable gold buyers should be willing and able to give you a price per gram or pennyweight over the phone or via e-mail. Again one of the best things to do is tell the buyer the purity of your item (10k, 14k or 18k) and give them an example weight (10 grams is usually really good) and ask them how many dollars you will get for that, and simply call around until you get the best price!