In the gold industry weights are measured in troy weight. The “Troy System”
began in medieval times and is named after the city of Troyes, France.
The troy ounce is what the price of gold is based on, hence the spot price is for one troy ounce of pure gold.
Below are the weights in the troy system and their conversion:
1 Troy Pound = 12 Troy Ounces (oz)
1 Troy Ounce = 20 Pennyweights (dwt) or 31.103 Grams (gr)
1 Pennyweight = 1.555 Grams (gr)
To weigh gold items you’ll need to purchase a scale. Preferably one that
weighs in grams, pennyweight’s and ounces.
A scale can be purchased at any Jeweler’s Supply Store. You can start with an inexpensive model such as the Jennings 100. It retails for about $23.00 and can be purchased from any Jewelers supply store or through this site. (see sidebar)
When buying scrap gold you can deal in pennyweights (dwt) or grams (g), whichever you prefer.
After you have determined the grade of the gold, and calculated its weight, you can now determine it’s scrap value and decide what percentage of that value you wish to pay.
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