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    keami99's Avatar
    keami99 Posts: 1, Reputation: 1
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    #1

    Dec 2, 2009, 02:24 PM
    How much is a penney weight
    Interested in selling some gold jewlery, one piece is equal to an ounce of gold. What is the reference to "penny weight" in selling gold?
    ROLCAM's Avatar
    ROLCAM Posts: 1,420, Reputation: 23
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    #2

    Dec 2, 2009, 02:38 PM

    Pennyweight is a unit of measure in the troy system of weights. It is used to weigh gold, silver, platinum, coins, and most jewels. The pennyweight was once the weight of a silver penny. Today it is standardized as one twentieth of a troy ounce, or 24 grains (1.6 grams).

    Just for further explanation.
    At the current price of gold which is very close to $1,200 an ounce.
    So, 1/20 of 1,200 = $60.
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