ABSTRACT
Gold has always been an object of fascination to both scholars and the public at large, partly because of the use of gold as coined money, in jewelry, and in the arts, partly because of gold’s high value/weight ratio. The high value/weight ratio can also be described as a high price of gold per physical unit. Gold is usually measured in U.S. dollars per ounce or grain. The measurement system for gold is the Troy system, in which 1 Troy ounce equals 480 grains and 12 Troy ounces equals 1 Troy pound. The Troy system is used worldwide not only for gold but also for other precious metals and gems. Under the avoirdupois system of measurement, prevalent domestically in the United States (but not in the rest of the world or in international trade, where the metric system reigns), 1 avoirdupois ounce = 437.5 grains, and 1 avoirdupois pound = 16 avoirdupois ounces. Note that the grain is the same unit under both systems. So the price of gold expressed as dollars per grain is unambiguous; but expressed as dollars per ounce, the ounce is almost ten percent (480/437.5) heavier than the ounce unit commonly understood in the United States.
