quoting note125w…he4xReposting this note to satisfy my inexplicable desire to have it read by some one🫡
Some information about weights used in measuring precious metals.
An ounce that is used for measuring weight for general items (Imperial ounce) is 28.35 gms. There are 16 ozs in an Imperial pound.(453.6 grams).
An ounce that is used for measuring weight of gold and silver (Troy ounce) is 31.1034768 grams. There are 12 troy ozs in a Troy pound (373.2417216 grams).
Gold and silver collectors, particularly coin collectors, should be aware of this difference as it is of MASSIVE consequence if they are unaware and liable to be easily confused and potentially scammed by unscrupulous metals dealers. Gold and silver coins are quoted and weighed in Troy ounces not Imperial ounces. Mr Frisby!
I should probably add that if Mr Frisby was using the correct "Troy ounce" measurement he should have calculated that a "pound" of silver would be worth 12 x £20=£240 and NOT 16 x £20.
However, as shown in the table below the pound(weight) value of silver equivalent to £1 had changed substantially over the years so the above calculation is somewhat arbitrary.
Of additional interest, and pertaining to the recent Freedom Footprint video, is the value of a “pound of silver”, the origin of the term pound sterling.
This system was adopted in Britain in about 800AD and was based on the French Carolingian monetary system that was implemented in France by Charlemagne where the “Livre”(L became origin of £ sign ) was designated as equal to a pound of silver.
To confuse matters even more in Britain the “Tower Pound” system, slightly different to the “Troy pound” system, was used up until 1526 when Henry VIII decreed that the “Tower pound” system be ended for minting money and the “Troy pound” system be the standard.
Excellent breakdown! knutsvanholm (npub1jt9…la9y) FreedomFootprint (npub1h72…9jmf)