What is "oz"? Does "oz" represent Troy oz or Ounce?

This is a very common question and the "oz" shown on our website means troy ounce and it is the unit of measurement when you are buying precious metals which are gold, silver, platinum and palladium.

1 troy ounce = 31.1034768 grams or 480 grains

So what is the difference between a Troy Ounce, and a standard ounce?

"Some historians believe the troy ounce had its origins in Roman times. Romans standardized their monetary system using bronze bars that could be broken down into 12 pieces called "uncia" or ounce, with each piece weighing around 31.1 grams.

As Europe's economic importance grew from the 10th century onward, merchants came from all over the world to buy and sell goods there. It was therefore necessary to develop a new standardized monetary weight system to make doing business much easier. Some believe the merchants of Troyes modeled this new monetary system using the same weights as their Roman ancestors."

(Source: Investopedia)