China on Gold: “Troy Ounce No More”

On 28 October, the Chinese central bank will launch their new 2016 gold and silver Panda coins. An interesting detail discovered by@BullionBaron is that these coins will not appear in one troy ounce size. Instead, they will be minted on a metric weight system with sizes varying from 1 gram up to 1 kilogram. The one troy ounce version of the gold and silver Panda coins are replaced with a coin weighing 30 grams. That’s slightly less than a troy ounce, which equals  31.1034768 grams.

The press release on the People’s Bank of China website mentions nine different sizes for the gold Panda and three different versions of the silver coin. All these coins have a 99,9% purity and will be produced with a limited mintage. For more details on mintage and the yuan face value, we refer to the press release on the central bank of China’s website. The history of the troy ounce goes back to the Roman empire, where bronze bars were castes in a size referred to as ‘troy pound’. One twelfth of this size was called the uncia back then, orounce in English. That is where the English name troy ounce emerged, a weight defined as 480 grains or 31,1034768 grams. The troy ounce format has been used ever since in the monetary system. It is known to be in use in England since about 1400. The American Congress recognized the troy ounce as a measure of weight in the Coinage Act of 1828.

 

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