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Pennyweight - Is it the weight of a penny?

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posted on Jun, 30 2008 @ 04:30 AM
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Pennyweight - Is it the weight of a penny?


www.youtube.com

GoldFellow™ - Pennyweight video, explaining the relationship of a pennyweight to the weight of a penny. As well as pennyweight conversion factors and a brief history of the pennyweight unit of measurement.
(visit the link for the full news article)




posted on Jun, 30 2008 @ 04:30 AM
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Let's decode this mysterious measurement of a pennyweight.
Does a US currency penny weigh a pennyweight? No.
So why do we call it a pennyweight if it is not equal to the weight of a penny?
In Great Britain one Great British currency penny did weigh one pennyweight and the value of that penny was equal to the monetary price for 1/20th of a troy ounce of sterling silver, not gold.
Therefore 1 troy ounce of sterling silver was equal to 20 pennyweights in weight as well as it was equal to 20 Great British pennies in monetary value.
So far it makes sense, but were did we lose the connection?
With the Weights and Measures Act of 1878 the troy pound and the pennyweight lost their status as an official measurement of mass (weight), but precious metals traders and jewelers continued to measure in the standard of pennyweights and troy ounces as they were accustomed to, in doing business.
Today the precious metals industry continues to employ the system of pennyweights and if you want to efficiently participate in trading precious metals you should understand the pennyweight.
For US gold sellers and buyers a penny weight can be most easily assimilated with its relationship to grams.
1 pennyweight is equal to 1.5552 grams.
To bring us full circle and compare the mass of a pennyweight to that of a US penny's weight; 1 US currency penny has a mass of 2.5 grams or 1.6 pennyweights.
So, simply put if your gold is equal to the weight of a US penny it has a mass of 1.6 pennyweights.
If your gold has a mass of 1 gram, its weight is equal to 0.64 pennyweights.
Watch the other videos provided by the gold buyers at GoldFellow™ to discover how you can quickly estimate the weights and cash values of your gold jewelry items, then decide if you feel it's the right time to sell your unwanted gold jewelry to a trusted gold buyer.

www.youtube.com
(visit the link for the full news article)



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