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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