TROY OUNCE Meaning and
Definition
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A troy ounce is a unit of weight commonly used for precious metals, especially gold and silver. It is defined as a measure of mass in the troy weight system, which is used for weighing precious metals and gemstones. One troy ounce is equal to approximately 31.1035 grams, or about 1.097 ounces.
The term "troy" originates from the city of Troyes in France, where this weight system was first used during medieval times. It differs from the common avoirdupois weight system used for most other goods.
The troy ounce is primarily used by the precious metals industry, including miners, refiners, and traders, as it provides a standardized measurement for conducting transactions and determining the value of gold and silver. This unit of measure is recognized globally, making it easier to trade precious metals internationally.
The troy ounce is often symbolized by the abbreviation "ozt" or "oz t" to distinguish it from the avoirdupois ounce, which is denoted as "oz". While both ounces are units of weight, the troy ounce is slightly heavier than the avoirdupois ounce.
Understanding the concept of the troy ounce is crucial for those involved in the precious metals market, as pricing and transactions are usually conducted based on this standardized weight unit.
Common Misspellings for TROY OUNCE
- rroy ounce
- froy ounce
- groy ounce
- yroy ounce
- 6roy ounce
- 5roy ounce
- tfoy ounce
- triy ounce
- trky ounce
- trly ounce
- trpy ounce
- tr0y ounce
- tr9y ounce
Etymology of TROY OUNCE
The word "troy ounce" has its etymology rooted in the ancient city of Troy. The troy system of weights and measures, including the troy ounce, was believed to have been established by the Byzantine Empire and was named after Troy, the renowned city of Greek mythology. The troy system was commonly used for measuring precious metals, such as gold and silver, and it eventually gained widespread usage in Europe. The term "ounce" itself is derived from the Latin word "uncia", meaning twelfth part, referring to the fact that there are 12 ounces in a troy pound.
Similar spelling words for TROY OUNCE
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