Troy ounce of gold : What it is, where it is used now, why this measure became reference - such questions often arise when mentioning the traditional unit of measurement of precious metals. An unusual name often causes the association with Troy, then with the Trinity. To understand his real origin, you need to study the history of the occurrence and weight in grams of the Troyan Oz, and at the same time learn a little more about how to apply this unit of measurement.
What it is?
Troy ounce of gold It is a unit of measure used in the banking sector, jewelry, cosmetology. It has accurate weight definition in grams, allows you to obtain accurate information about the amount of substance. In relation to precious metals, notation is used:
- XPD - for palladium;
- XAU - for gold;
- XPT - for platinum;
- Xag - for silver.
Troy ounce of any of these metals Weighs 31,1034768 grams. Such accuracy is very important. It built a triple weight system, which includes Troy Pound. This is the name of the golden English pound, which includes exactly 12 such oz. And also in this system, a measure is used in 1/480 share of Troyan Oz - Gran.
It is worth noting that until the appearance of this measure, pounds were used in the calculations. They were used in trade in precious metals and other rare substances: spices, incenses. The ancient Roman prototype of the pound - Libra - weighed 327.45 g, and its 12th part was called oz.
In England, the stroke was sterling - silver coins. Their pound weighed about 0.35 kg, and similar old-Russian measure was equal to 410.
History of origin
Troy oz is used as a weight measure from the XIV century . The story of her appearance dates back at all to the legendary three, but to a completely different city of True in France. Most tourists and travelers, he is known as the capital of Champagne Province, where sparkling wines are known for the whole world. In addition, there are many historical monuments of the times of the Middle Ages, and the true gourmets visit local fairs to enjoy a special delicacy - sausage based on crops of agricultural animals.
Trading rows in Troy existed since the V century, but they acquired particular popularity in the XII century. It was during this period that a regular fair was organized here, where merchants came from all over France and from other European countries. The first references to the Troy Oz in connection with the local trade are dating in documents 1390. It was then that the 12th share of the pound appeared its designation - T OZ / OZT. This weight measure was used when calculating the board for grain, medicine, wipes and spices.
Interestingly, in the XIV century in France, the tradition of starting its own metric system for each major trading city was relevant. For example, in the go was Toulouse and Celtic pounds. In Troy, they decided that they were not worse than her neighbors. So there was a triple weight system, the basis of which was the French Livr, which corresponded to 1 pound of silver sterling.
Interestingly, despite its archaic, this method of measurement still remains relevant and reliable, its accuracy is not amenable to doubts even a century later. For the first time, Troika oz is mentioned by such an authoritative source as Oxford dictionary. In its release for 1390, this weight measure is indicated as a reference for grain trading. And it was used in the pharmacy case to determine the dosage of medicines and bulk raw materials.
In the turnover of precious metals OZT used due to the fact that coins were minted from silver . After the payment tools received a cheaper composition, Troika oz continued to be used in trade in precious metals: palladium, platinum, gold and silver. After the First World War, the majority of countries passed on this system during the calculations. The main calculations were carried out between the United States, the United Kingdom, South Africa, Australia, Canada, where the Anglo-Saxon units have always been in the go.
As a result, on stock exchanges, world prices for precious metals began to determine in terms of Troyan oz.
Where is used now?
The traditional metric system of the XIV century is relevant today. Modern scope of applying Troyan Oz - stock trade. When setting prices for precious metals since 2015, electronic trading are used. As part of the auction, changes occur twice during the day of Greenwich: at 10-30 and 15 hours.
Until this time, from 1919 to 2015, only 5 monopolist companies in the production and trade in gold ingots were engaged in the establishment of the price. Today, representatives of 13 accredited states were admitted before the auction, Russia is not included in their number.
The use of Troy Oz can unify world prices for gold and silver, palladium and platinum - the main investment metals. Changes to its price affect the estimated value of the so-called metallic accounts, within which the invested funds are translated into precious metals. OZT shares measure the weight of coins produced by central banks of various states.
For example, in the US, a coin of gold coins was made. Their nominal in 50 USD was the standard, was 1 troy ounce by weight. With a decrease in the amount, the measure was shared. For example, at 1/10 OZT, a gold coin was estimated at 5 USD.
In Russia, the Anglo-Saxon measuring system did not fit in many ways due to the lack of opportunity to influence the cost of the Troyan Oz. This designation is found only in banking and investment spheres, used for internal use. But even when translating into grams, the mass of precious coins, minted in the Russian Federation, still corresponds to shares or a whole OZT. For example, a silver three-sled coin weighs 31.5 g, contains 31.1 g of pure noble metal. That is, it is quite consistent with the definition of the Troyan Oz.
In cosmetology, this measuring system is still relevant. It is used for particularly valuable solid or bulk ingredients. This market has not changed too much since the fairs in Tro.
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