The Pennyweight Vs. The Gram
There is quite a lot of difference between these two types of measurements. Our goal is to break it down so you can make an informed decision when you consider selling your precious metals.
First, you must know how many units of each are in a Troy Ounce of precious metal.
31.1 grams = 1 Troy Ounce
20 Pennyweights = 1 Troy Ounce
1 GRAM = .643 Pennyweights
1 PENNYWEIGHT = 1.55 grams
There are many buyers who use the pennyweight unit of measurement to make it seem like you are being paid more when in fact that may not be the case. For example, you would be better selling gold to a buyer who is willing to pay $20 per gram as opposed to $25 per pennyweight. Since the gram price would actually net you $622 per troy ounce verses $500 per troy ounce of precious metal.
$20 X 31.1 (grams in a troy ounce) = $622
$25 X 20 (pennyweights in a troy ounce) = $500
When selling your gold or silver ALWAYS know whether the price being offered is in Pennyweights or Grams. They are two calculations that are significantly different.
Because most people are familiar with grams and not pennyweights, we weigh your gold and silver in grams and base our offer on the price per gram. We feel this is the best and most straightforward way to conduct business.