When you are bidding on gold, silver and other coins that are listed by weight, it is important for you to have an understanding of what the weight actually is. If someone is listing an item by weight and they list ounces, then what they may mean is troy ounce, but this is not always the case. If you assume that a troy ounce and an ounce are the same thing, then you are going to come up relatively short by about 9 percent. If you are buying, selling or trading in precious metal coins then you need to understand the difference between troy ounces and regular ounces and this is where a troy oz conversion comes in. Precious metal coins are sold based on troy ounces rather than regular ounces of weight.
If you are buying an item and it is made out of gold or silver or another precious metal and the weight is given to you in ounces, then you should actually be suspicious because the seller is using this to their advantage in order to trick you into thinking that you are getting more coin than you deserve. The troy oz conversion is a difference of 9 percent meaning that you would be getting ripped off if you buy a coin thinking it is in troy oz when it is not. If they list regular ounces rather than the proper troy oz conversion, then take this troy oz conversion to mind:
Take the amount of oz listed, multiplying it by .91.
Example: If they state that the coin is 8.9 ounces, then do this:
8.9 x 0.91 = 8.099 troy oz.
You are also going to see people that are listing the weight of items based on postal ounces. Postal ounces and troy ounces are NOT the same thing. You just have to use the exact same calculation, 91 percent of the amount that is being listed.
So if someone states that a coin is 8.9 postal ounces, then you can do this:
8.9 postal ounces x 0.91 troy oz conversion = 8.099 troy ounce.
If on the other hand someone is listing a weight in grams, then you can do a similar troy oz conversion. Converting grams into troy ounces is done this way:
1 troy ounce = 31.103 grams
So if you have a weight that is 126 grams, then you would divide 126 by 31.103.
126 grams / 31.103 = 4.05 troy ounces.
This is the best way that you can make sure that you get what you were paying for when it comes to buying coins and collecting coins, especially online when you cannot easily look at the coin in person. It is vitally important that you only buy coins that are what they claim to be, and so you should make sure to do the math to ensure that you get the right weight for your money.
Photo Credits: Christian Frausto Bernal
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