Dram to Troy Ounce Converter
Convert drams to troy ounces with our free online weight converter.
Quick Answer
1 Dram = 0.056966 troy ounces
Formula: Dram × conversion factor = Troy Ounce
Use the calculator below for instant, accurate conversions.
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Dram to Troy Ounce Calculator
How to Use the Dram to Troy Ounce Calculator:
- Enter the value you want to convert in the 'From' field (Dram).
- The converted value in Troy Ounce will appear automatically in the 'To' field.
- Use the dropdown menus to select different units within the Weight category.
- Click the swap button (⇌) to reverse the conversion direction.
How to Convert Dram to Troy Ounce: Step-by-Step Guide
Converting Dram to Troy Ounce involves multiplying the value by a specific conversion factor, as shown in the formula below.
Formula:
1 Dram = 0.0569661 troy ouncesExample Calculation:
Convert 5 drams: 5 × 0.0569661 = 0.28483 troy ounces
Disclaimer: For Reference Only
These conversion results are provided for informational purposes only. While we strive for accuracy, we make no guarantees regarding the precision of these results, especially for conversions involving extremely large or small numbers which may be subject to the inherent limitations of standard computer floating-point arithmetic.
Not for professional use. Results should be verified before use in any critical application. View our Terms of Service for more information.
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Avoirdupois Dram (Commercial)
The avoirdupois dram is defined in the common weight system used for most goods:
Relationships:
- 1 dram = 1/16 ounce (avoirdupois)
- 1 dram = 1/256 pound (avoirdupois)
- 1 dram = 27.34375 grains (exactly)
- 1 dram ≈ 1.7718451953125 grams (exactly)
Symbol: dr, dr av, or dr avdp
Historical use: General commerce, precious materials, spices, ammunition powder charges.
Apothecary/Troy Dram (Pharmaceutical)
The apothecary dram (also called drachm) belongs to the apothecaries' weight system used historically in pharmacy:
Relationships:
- 1 dram (ʒ) = 1/8 ounce (apothecary)
- 1 dram = 3 scruples
- 1 dram = 60 grains (exactly)
- 1 dram ≈ 3.8879346 grams (exactly)
Symbol: ʒ (resembles the number 3, representing 3 scruples)
Historical use: Compounding medicines, pharmaceutical measurements, medical prescriptions.
The Critical Difference
Apothecary dram = 2.194 × Avoirdupois dram
This 2.2× ratio causes confusion. Historical recipes and medical texts must specify which system they use, or dosages could be dangerously incorrect.
Fluid Dram (Volume, Not Weight)
Adding to the confusion, the fluid dram is a unit of volume:
Fluid dram (imperial):
- 1/8 fluid ounce (imperial)
- ≈ 3.5516 mL
Fluid dram (US):
- 1/8 fluid ounce (US)
- ≈ 3.6967 mL
Symbol: fl dr, fl ʒ, or ℈
This is completely separate from weight drams, though historically related (1 fluid dram of water weighs approximately 1 avoirdupois dram).
1 troy ounce = 31.1034768 grams (g) = 480 grains
The troy ounce (abbreviated "oz t", "ozt", or "t oz") is a unit of mass in the troy weight system, used exclusively for precious metals and gemstones. It differs significantly from the avoirdupois ounce used in everyday measurements.
Troy vs. Avoirdupois: Critical Distinction
| Unit | Grams | Use Cases | |----------|-----------|---------------| | Troy ounce | 31.1034768 g | Precious metals (gold, silver, platinum), gemstones, pharmaceuticals (historic) | | Avoirdupois ounce | 28.349523125 g | Food, body weight, general commerce | | Difference | +2.754 g (9.7% heavier) | Troy ounce is HEAVIER |
Critical for buyers: If someone sells you "1 ounce of gold" using avoirdupois ounces instead of troy ounces, you're getting 9.7% less metal than you paid for!
The Troy Weight System
Unlike the avoirdupois system (16 ounces = 1 pound), the troy system uses different ratios:
- 24 grains = 1 pennyweight (dwt)
- 20 pennyweights = 1 troy ounce (oz t)
- 12 troy ounces = 1 troy pound (lb t)
Paradox: The troy ounce is heavier than the avoirdupois ounce, BUT the troy pound (373.24 g) is lighter than the avoirdupois pound (453.59 g) because it contains only 12 ounces instead of 16!
Why Troy Ounces Persist
Despite global metrication, troy ounces remain dominant in precious metals for these reasons:
- Market convention: Centuries of gold/silver trading established price benchmarks in troy ounces
- Legal tender: U.S. Mint, Royal Canadian Mint, and others mint official coins in troy ounce denominations
- Futures contracts: COMEX gold contracts specify 100 troy ounces per contract
- LBMA standards: London Bullion Market Association requires troy ounce quotations
- Central banks: Gold reserves reported in troy ounces (e.g., Fort Knox holds 147.3 million oz t)
Note: The Dram is part of the imperial/US customary system, primarily used in the US, UK, and Canada for everyday measurements. The Troy Ounce belongs to the imperial/US customary system.
History of the Dram and Troy Ounce
Ancient Greek Drachma (600 BCE - 300 CE)
The drachma coin: Greek city-states minted silver coins called drachmas, weighing approximately 4.3 grams (varying by region and period).
Origin of name: "Drachma" (δραχμή) derives from "drax" (handful) or "drassomai" (to grasp), possibly referring to a handful of six obol coins.
Weight standard: The Attic drachma (Athens) weighed about 4.3 g of silver, becoming a widespread weight and monetary standard.
Roman Adoption (300 BCE - 500 CE)
Drachma in Roman medicine: Roman physicians adopted Greek medical practices, including pharmaceutical measurements based on the drachma.
Galen's formulations: The physician Galen (129-216 CE) used drachmas extensively in medicinal recipes, establishing the unit in medical tradition.
Byzantine and Islamic Medicine (500-1200 CE)
Byzantine continuation: The Eastern Roman Empire (Byzantium) preserved Greek medical texts, maintaining the drachm as a pharmaceutical unit.
Islamic Golden Age: Arab physicians (Al-Razi, Avicenna) translated Greek medical works, incorporating drachms into Arabic pharmacy. The dirham (Arabic coin) shares the same etymological root.
Transmission to Europe: Through Islamic Spain and Sicily, Arabic medical knowledge returned to Western Europe (11th-13th centuries), bringing pharmaceutical drachm measurements.
Medieval European Apothecaries (1200-1600)
Apothecary guilds: European cities established apothecary guilds, standardizing medicinal weights based on the drachm.
The apothecary system:
- 1 pound (lb ap) = 12 ounces
- 1 ounce (℥) = 8 drams (ʒ)
- 1 dram = 3 scruples (℈)
- 1 scruple = 20 grains (gr)
Result: 1 apothecary dram = 60 grains
Symbol evolution: The symbol ʒ (scribal abbreviation for Latin "drachma") became standard for the dram.
British Standardization (1600-1800)
London Pharmacopoeia (1618): The first official British pharmacopoeia standardized apothecary weights, including the dram at 60 grains.
Avoirdupois emergence: Simultaneously, the avoirdupois system developed for general commerce, creating a different dram:
- Avoirdupois dram = 1/16 ounce = 27.34375 grains
Coexistence: Two dram standards coexisted—apothecary for medicine, avoirdupois for trade.
American Adoption (1776-1900)
U.S. Pharmacopeia (1820): The first U.S. Pharmacopeia codified pharmaceutical measurements, adopting British apothecary standards including the dram.
Medical education: American medical schools taught apothecary measurements. Physicians wrote prescriptions using symbols like ʒ for drams.
Commercial use: Avoirdupois drams measured gunpowder, spices, precious materials, and other commodities.
Ammunition Application (1800s-Present)
Black powder charges: Early firearms used black powder measured in drams. A "3-dram load" meant 3 avoirdupois drams of powder.
Dram equivalent: With the transition to smokeless powder (1880s onward), manufacturers created "dram equivalent" ratings—the amount of smokeless powder producing the same velocity as a given dram measure of black powder.
Modern shotshells: Today's shotgun shells still reference "3 dram equivalent" or "3¼ dram equivalent" on the box, though actual powder weights are in grains or grams.
Metrication and Decline (1900-Present)
British pharmacy (1970): The UK officially abandoned apothecary weights, switching entirely to metric (grams, milligrams).
American pharmacy (1970s-1980s): U.S. pharmacy schools phased out apothecary measurements, adopting metric. By 1990, nearly all prescriptions used metric units.
Persistence:
- Ammunition: Dram equivalent ratings continue
- Historical recipes: Antique cookbooks and medical texts
- Collectors: Antique apothecary scales and weights
Ancient and Medieval Origins (Pre-1500)
The word "ounce" derives from the Latin "uncia" (one-twelfth), reflecting the Roman system where 1 uncia = 1/12 of a libra (pound). The troy system's specific origins trace to Troyes, France, a major European trade city.
12th-15th centuries - Champagne Fairs: Troyes hosted international trade fairs where merchants from Italy, Flanders, England, and German states exchanged goods. Precious metals, spices, and textiles required standardized weights. The "Troyes weight" system emerged as a trusted standard for valuable commodities, particularly gold, silver, and gemstones.
Why "troy" not "avoirdupois"? Two parallel weight systems developed:
- Troy weights: For precious metals, spices, medicines (high-value, small quantities)
- Avoirdupois weights: For bulk goods like wool, grain, iron (from French "avoir de pois" = goods of weight)
English Standardization (1500-1800)
1527 - King Henry VIII standardization: Henry VIII officially defined troy weights for the English realm, establishing:
- 1 troy pound = 5,760 grains
- 1 troy ounce = 480 grains
- 1 grain = 64.79891 milligrams (based on barley grain weight)
1758 - British assay offices: The Goldsmiths' Company and assay offices in London, Birmingham, Sheffield, and Edinburgh used troy ounces exclusively for hallmarking gold and silver items. This reinforced troy ounces as the legal standard for precious metals in British commerce.
The Tower Pound obsolescence: England previously used the "Tower pound" for minting coins (5,400 grains), but troy weights (5,760 grains per pound) eventually replaced it in 1527, creating unified standards for bullion and coinage.
American Adoption (1776-1900)
1776-1792 - Early United States: American colonies inherited British troy standards. The early U.S. used Spanish silver dollars and British gold sovereigns, all measured in troy ounces.
1828 - U.S. Coinage Act: Congress officially adopted troy weights for all U.S. coinage. The Act specified:
- Gold dollar = 25.8 grains (1.672 g) of 90% gold
- Silver dollar = 412.5 grains (26.73 g) of 90% silver
- All coins measured in troy grains
1849-1855 - California Gold Rush: The discovery of gold at Sutter's Mill created massive demand for standardized weights. Assay offices in San Francisco weighed gold dust and nuggets in troy ounces, establishing the unit in the American West.
1873 - Coinage Act ("Crime of 1873"): This act demonetized silver, ending bimetallism. However, troy ounces remained the standard for measuring both gold and silver bullion.
Global Standardization (1900-Present)
1900-1971 - The Gold Standard era: Most nations tied currencies to gold reserves, measured in troy ounces:
- 1900: Gold Standard Act (U.S. fixed $20.67 per troy ounce)
- 1933: FDR revalued gold to $35 per troy ounce
- 1944: Bretton Woods Agreement ($35/oz t peg)
- 1971: Nixon ended gold convertibility, but troy ounce pricing persisted
1919 - London Bullion Market Association (LBMA): Founded to standardize London gold market practices. LBMA established:
- Good Delivery bars: 350-430 troy ounces (typically 400 oz t)
- Minimum purity: 995 parts per 1,000 (99.5% pure gold)
- Troy ounce quotations for spot prices
1974 - COMEX gold futures: The Commodity Exchange (COMEX) in New York launched gold futures contracts:
- Contract size: 100 troy ounces
- Delivery specifications: 1 kg bars (32.1507 oz t) or 100 oz bars
- Global price discovery mechanism
1975 - Gold ownership legalization: U.S. citizens regained the right to own gold bullion (banned since 1933). Investment coins like the Krugerrand (1 oz t), Canadian Maple Leaf (1 oz t), and American Gold Eagle (1 oz t) popularized troy ounce denominations for retail investors.
2000s-Present - Digital age: Despite metrication, troy ounces dominate:
- ETFs: SPDR Gold Shares (GLD) holds 900+ tons (28.9M oz t)
- Central banks: Reserve holdings reported in troy ounces (U.S. 261.5M oz t, Germany 108.9M oz t)
- Spot prices: Bloomberg, Reuters, Kitco quote gold/silver per troy ounce
- Refineries: Swiss refiners (PAMP, Valcambi) produce bars in troy ounce sizes
Cultural Significance
The troy ounce represents continuity in global finance—a medieval trade standard that survived the industrial revolution, world wars, and digital transformation. While most historical units vanished with metrication, the troy ounce persists because precious metals markets value tradition, legal precedent, and universal standardization over decimal convenience.
Common Uses and Applications: drams vs troy ounces
Explore the typical applications for both Dram (imperial/US) and Troy Ounce (imperial/US) to understand their common contexts.
Common Uses for drams
1. Ammunition and Reloading
Shotshell ratings: Manufacturers mark shotgun shells with "dram equivalent" to indicate approximate velocity/power level.
Why still used? Tradition and familiarity. Shooters understand "3 dram load" means standard power, while "3¾ dram" is heavy magnum.
Reloading manuals: Some reloading data references dram equivalents alongside modern grain measurements.
2. Historical Recipe Interpretation
19th-century cookbooks: Recipes may call for "1 dram of nutmeg" or "2 drams of ginger."
Conversion challenge: Must determine if the recipe uses avoirdupois or apothecary drams (usually avoirdupois for cooking).
Modern equivalent: 1 avoirdupois dram ≈ 1.77 grams ≈ 1/3 teaspoon (for dry spices)
3. Antique Apothecary Items
Collectible scales: Antique apothecary scales often have dram weights marked with ʒ.
Medicine bottles: Historical pharmacy bottles may indicate contents in drams.
Historical research: Understanding drams is essential for interpreting 18th-19th century medical texts.
4. Pharmaceutical History
Old pharmacopoeias: Historical pharmaceutical formulas use apothecary drams.
Example prescription (1850s): "℞ Quinine sulfate ʒij" = Take 2 drams of quinine sulfate
Modern interpretation: 2 apothecary drams = 7.78 grams
When to Use troy ounces
1. Precious Metals Trading
The troy ounce is the universal standard for global bullion markets:
Spot price quotations:
- Gold: $1,800-2,100 per troy ounce (fluctuates with markets)
- Silver: $20-30 per oz t
- Platinum: $900-1,200 per oz t
- Palladium: $1,000-1,600 per oz t
- Rhodium: $3,000-15,000 per oz t (highest volatility)
Major markets:
- London Bullion Market (LBMA): Sets gold/silver fix twice daily in troy ounces
- COMEX (New York): Futures contracts (100 oz t gold, 5,000 oz t silver)
- Shanghai Gold Exchange: Trades gold in grams but converts to oz t for international quotes
- Dubai Gold Souk: Retail sales in grams, wholesale in troy ounces
Why troy ounces persist: Centuries of price history, legal contracts, and central bank reserves create network effects—changing to grams would require recalibrating trillions in financial instruments.
2. Investment Coins & Bars
Government minted coins (1 oz troy):
- American Gold Eagle: Most popular U.S. bullion coin, 22K gold
- Canadian Maple Leaf: 24K gold (.9999 fine), iconic design
- South African Krugerrand: First modern bullion coin (1967)
- Austrian Philharmonic: European alternative, euro-denominated
- Chinese Gold Panda: Annual design changes, collector value
Fractional coins:
- 1/2 oz, 1/4 oz, 1/10 oz troy ounce denominations
- Higher premiums per ounce (manufacturing costs)
- Easier to liquidate small amounts
Private mint bars:
- 1 oz, 10 oz, 100 oz troy ounce sizes (silver)
- 1 oz, 10 oz, 1 kg gold bars
- Lower premiums than coins (no numismatic value)
- Stackability for storage
3. Jewelry Manufacturing
Jewelers purchase gold in troy ounces but often work in grams or pennyweights (dwt):
Pricing structure:
- Spot price: Current troy ounce price (e.g., $2,000/oz)
- Karat adjustment: 14K = 58.3%, 18K = 75%, 22K = 91.67%
- Fabrication cost: Labor, design, gemstones
- Retail markup: 2-3× material cost
Example calculation (14K ring):
- Weight: 5 grams = 0.16075 oz t
- Pure gold: 0.16075 × 0.583 = 0.0938 oz t
- Gold value: 0.0938 × $2,000 = $187.60
- Retail price: $500-800 (includes labor, overhead, profit)
Scrap gold recycling: Jewelers sell scrap in troy ounces to refineries, receiving 90-95% of spot price (refining losses, processing fees).
4. Pharmaceutical & Apothecary (Historic)
Before metrication, pharmacists used troy weights for compounding:
Apothecaries' system:
- 20 grains = 1 scruple
- 3 scruples = 1 dram
- 8 drams = 1 troy ounce
Modern legacy:
- Grain measurements persist (aspirin: 5 grains = 325 mg)
- Troy ounces phased out in medicine by 1970s
- Replaced by milligrams and grams for precision
5. Mining & Geology
Gold production and ore grades measured in troy ounces:
Reserve reporting:
- Gold deposits: "10 million oz t at 2 g/t grade" (metric tons ore, troy ounces gold)
- Production rates: "500,000 oz t per year" (annual mine output)
Ore grades:
- High-grade: 10-20 g/t (0.32-0.64 oz t per metric ton ore)
- Low-grade: 1-5 g/t (0.032-0.16 oz t/t)
- Ultra-low-grade: 0.5 g/t (economical with modern extraction)
Example (Nevada Gold Mine):
- Reserves: 50 million metric tons
- Grade: 2 g/t (0.064 oz t/t)
- Contained gold: 3.2 million troy ounces
- Mine life: 15 years (213,000 oz t/year production)
6. Central Banking & Reserves
Countries hold gold reserves measured in troy ounces:
Reserve valuation: Most central banks value gold at historic cost ($42.22/oz t, a 1973 price), not market rates. However, market value uses current spot prices:
- U.S. reserves: 261.5M oz t × $2,000 = $523 billion market value
- Official books: 261.5M oz t × $42.22 = $11 billion (!)
Reserve diversification:
- Gold as % of reserves: U.S. (70%), Germany (67%), Italy (64%)
- Rationale: Inflation hedge, currency crisis protection, geopolitical insurance
7. Collectibles & Numismatics
Coin collectors distinguish between bullion value (troy ounces) and numismatic value (rarity, condition):
Example: 1933 Double Eagle
- Gold content: 0.9675 oz t (~$1,935 melt value)
- Auction price: $18.9 million (2021 Sotheby's)
- Numismatic premium: 9,700× bullion value!
Modern bullion vs. collectible:
- Bullion: Trades at spot + 3-10% premium (1 oz Gold Eagle)
- Collectible: Rare dates, low mintages command 2-100× premiums
Additional Unit Information
About Dram (dr)
How many drams are in an ounce (avoirdupois)?
Exactly 16 avoirdupois drams = 1 avoirdupois ounce.
This is the definition:
- 1 oz av = 16 dr av
- 1 dr av = 1/16 oz av = 0.0625 oz
How many grams are in a dram (avoirdupois)?
1 avoirdupois dram = 1.7718451953125 grams (exactly).
Practical approximation: 1 dr av ≈ 1.77 g
Derivation: 1 pound av = 453.59237 grams (exact) 1 pound = 256 drams 1 dram = 453.59237 ÷ 256 = 1.77185 g
Is a dram a unit of mass or volume?
Both exist, which causes significant confusion:
Mass (weight):
- Avoirdupois dram (dr): 1.772 g
- Apothecary dram (ʒ): 3.888 g
Volume:
- Fluid dram (fl dr, US): 3.697 mL
- Fluid dram (fl dr, imperial): 3.552 mL
Context matters:
- Pharmacy/medicine historically: could be either (check symbols)
- General commerce: usually weight
- Modern usage: rare except ammunition (weight-related rating)
What's the difference between avoirdupois and apothecary drams?
Avoirdupois dram (commercial):
- 1/16 ounce avoirdupois
- 27.34375 grains
- 1.772 grams
- Used for general goods
Apothecary dram (pharmaceutical):
- 1/8 ounce apothecary
- 60 grains
- 3.888 grams
- Used for medicines
Key difference: Apothecary dram is 2.19× heavier than avoirdupois dram.
What does the symbol ʒ mean?
The symbol ʒ represents the apothecary dram.
Origin: Scribal abbreviation of Latin "drachma" or "dragma."
Appearance: Resembles a fancy number "3," which is appropriate since 1 dram = 3 scruples.
Usage: Historical pharmaceutical prescriptions: "℞ Morphine ʒi" = Take 1 dram of morphine
What is a dram equivalent in ammunition?
"Dram equivalent" is a velocity/power rating for shotgun shells, not actual powder weight.
Historical context: Black powder shotgun loads used actual drams of powder (e.g., "3 drams of black powder").
Modern meaning: A "3 dram equivalent" smokeless powder load produces approximately the same muzzle velocity as a historical 3-dram black powder load.
Actual powder weight: Modern "3 dram equivalent" loads typically contain 18-22 grains of smokeless powder (less than 1 actual dram by weight).
Rating scale:
- 2¾ dram eq: Light/target
- 3 dram eq: Standard
- 3¼ dram eq: Magnum
- 3¾ - 4 dram eq: Heavy magnum
Do doctors still use drams?
No, modern medicine uses metric units exclusively.
Historical use: 19th and early 20th century physicians wrote prescriptions using apothecary measurements including drams (ʒ).
Transition:
- UK: Abandoned apothecary units in 1970
- US: Phased out 1970s-1990s
Current practice: All modern prescriptions use milligrams (mg), grams (g), and milliliters (mL). Drams are historical artifacts.
How do I convert historical dram measurements?
Step 1: Identify the system
- Pharmacy/medicine: Likely apothecary dram (3.888 g)
- Cooking/commerce: Likely avoirdupois dram (1.772 g)
Step 2: Check for symbols
- ʒ symbol: Definitely apothecary
- "dr" or no symbol: Context-dependent (probably avoirdupois for cooking)
Step 3: Convert to grams
- Avoirdupois: drams × 1.772
- Apothecary: drams × 3.888
Step 4: Convert to modern measure
- Grams to teaspoons (dry ingredients): ~5 g per tsp
- Grams to milliliters (liquids): depends on density
Can I still buy dram weights?
Yes, as antique collectibles, but not for practical use.
Antique apothecary weights: Available from antique dealers, often brass or bronze, marked with ʒ symbol.
Modern equivalents: Not manufactured. Use gram scales instead.
Collectible value: Complete sets of 18th-19th century apothecary weights command $100-500+ depending on condition.
Why did pharmacy abandon drams?
Multiple reasons drove metrication:
1. International standardization: Metric system adopted globally for science and medicine.
2. Safety: Multiple dram systems (avoirdupois vs. apothecary) created dangerous confusion.
3. Ease of calculation: Decimal metric system simpler than fractional apothecary system.
4. Precision: Milligrams allow more precise dosing than grains/scruples/drams.
Result: By 1990, virtually all pharmacy worldwide used metric exclusively.
About Troy Ounce (oz t)
1. Is a troy ounce the same as a regular ounce?
No. The troy ounce (31.1035 g) is about 9.7% heavier than the avoirdupois ounce (28.3495 g) used for food and general items.
Visual comparison:
- 1 troy ounce gold = Size of a large grape (but very dense)
- 1 avoirdupois ounce flour = Same volume but less mass
When it matters: Precious metals (gold, silver, platinum) always use troy ounces. If someone offers you "1 ounce of gold" at a suspiciously low price, verify it's troy ounces—not avoirdupois!
2. How many grams are in a troy ounce?
Exactly 31.1034768 grams.
This precise definition comes from the 1959 international agreement on units. It's the same globally—LBMA (London), COMEX (New York), and Shanghai Gold Exchange all use this exact conversion.
For practical purposes:
- 1 troy oz ≈ 31.1 grams (rounded)
- 10 troy oz ≈ 311 grams
- 32.15 troy oz = 1 kilogram (exactly 1,000 g)
3. How many troy ounces are in a troy pound?
12 troy ounces = 1 troy pound (373.24 grams).
This differs from the avoirdupois system where 16 ounces = 1 pound. The troy system uses base-12 (duodecimal), a remnant of Roman and medieval counting systems.
Paradox explained:
- Troy ounce (31.10 g) > Avoirdupois ounce (28.35 g)
- BUT Troy pound (373.24 g) < Avoirdupois pound (453.59 g)
Why: 12 × 31.10 = 373.24, while 16 × 28.35 = 453.59.
4. Why do precious metals use troy ounces instead of grams?
Historical inertia and market convention.
Reasons troy ounces persist:
-
Centuries of price data: Gold has been priced per troy ounce since the 1700s. Changing would break historical charts and analysis.
-
Legal tender and contracts: U.S. Mint, Canadian Mint, and others legally define coins in troy ounces. Futures contracts, options, and derivatives are denominated in oz t.
-
Central bank reserves: Fort Knox holds "147.3 million troy ounces," not "4,582.7 metric tons"—the legal records use troy ounces.
-
Network effects: If London uses oz t, New York must too. Shanghai converts grams to oz t for international quotes.
-
Cultural identity: "An ounce of gold" evokes tangibility. "31.1 grams of gold" lacks the same resonance.
Metrication attempts failed: France and other metric-first countries tried quoting gold in grams, but international traders kept converting back to oz t for comparison.
5. How much is 1 troy ounce of gold worth?
It fluctuates constantly. As of 2024, gold trades between $1,800 - $2,100 per troy ounce, depending on economic conditions.
Price drivers:
- Inflation fears: Gold rises when currency value erodes
- Interest rates: Low rates → gold attractive (no yield anyway)
- Geopolitical crises: Wars, sanctions boost safe-haven demand
- Central bank buying: China, Russia, Turkey accumulating reserves
- Jewelry demand: India, China seasonal festivals
Historical context:
- 1900: $20.67/oz (Gold Standard Act)
- 1971: $35/oz (Nixon Shock, end of Bretton Woods)
- 1980: $850/oz (Hunt Brothers silver crisis, inflation)
- 2011: $1,900/oz (Financial crisis aftermath)
- 2020: $2,067/oz (COVID-19 pandemic peak)
Real-time prices: Check Bloomberg, Reuters, Kitco, or bullion dealer sites.
6. What's the difference between "carat" and "karat"?
Completely different units—one measures weight, the other purity:
CARAT (ct) = Gemstone weight
- 1 carat = 200 milligrams = 0.00643 troy ounces
- Measures diamonds, rubies, sapphires, emeralds
- "5-carat diamond" = 1 gram weight
KARAT (K or kt) = Gold purity
- 24K = 100% pure gold
- 18K = 75% gold (18/24)
- 14K = 58.3% gold (14/24)
- Measures alloy composition, not weight
Example: "18K gold ring weighing 0.2 troy ounces" means:
- Karat: 75% pure (18/24)
- Weight: 0.2 oz t = 6.22 g total
- Pure gold: 0.15 oz t = 4.67 g (6.22 × 0.75)
7. Can I buy fractional troy ounces?
Yes! Governments and private mints produce fractional coins:
Common sizes:
- 1/10 oz t (3.11 g) — Popular for small investors
- 1/4 oz t (7.78 g)
- 1/2 oz t (15.55 g)
- 1 oz t (31.10 g) — Most popular size
Trade-offs:
- Pros: Lower entry cost ($200 for 1/10 oz vs. $2,000 for 1 oz), easier to liquidate small amounts
- Cons: Higher premiums per ounce (1/10 oz costs ~15% premium vs. 3-5% for 1 oz)
Example:
- 1 oz Gold Eagle: $2,050 ($50 premium over $2,000 spot = 2.5%)
- 1/10 oz Gold Eagle: $240 ($40 premium over $200 spot = 20%!)
Why higher premiums? Minting costs don't scale linearly. Striking a 1/10 oz coin costs almost as much as a 1 oz coin, so the percentage premium is higher.
8. What is a "Good Delivery" gold bar?
The international standard for large-scale gold bullion, set by the London Bullion Market Association (LBMA).
Specifications:
- Weight: 350-430 troy ounces (typically 400 oz t = 12.4 kg)
- Purity: Minimum 995 parts per 1,000 (99.5% pure gold)
- Fineness stamp: Refinery mark, serial number, purity, year
- Refiners: LBMA-approved list (~70 refineries: PAMP, Valcambi, Rand, Johnson Matthey)
Why "Good Delivery"? Before standardization, banks had to assay every bar (costly, time-consuming). LBMA Good Delivery certification means bars are universally accepted without re-assaying.
Where they're used:
- Central bank reserves (Fort Knox, Bank of England vaults)
- Commercial bank vaults (HSBC, JPMorgan)
- ETF backing (SPDR Gold Shares stores Good Delivery bars)
Retail availability: Most investors never see Good Delivery bars—they're institutional. Retail investors buy 1 oz coins or small bars (1 oz, 10 oz, 100 oz).
9. How do I convert troy ounces to kilograms?
Formula:
1 troy ounce = 0.0311034768 kilograms
OR
1 kilogram = 32.1507466 troy ounces
Quick method: Divide troy ounces by 32.15 to get kilograms:
400 oz t ÷ 32.15 ≈ 12.44 kg
Precise method: Multiply troy ounces by 0.0311034768:
400 oz t × 0.0311034768 = 12.44139072 kg (EXACT)
Common conversions:
- 1 oz t = 0.0311 kg
- 10 oz t = 0.311 kg
- 100 oz t = 3.11 kg
- 1,000 oz t = 31.1 kg
- 32.15 oz t = 1 kg (exactly 1,000 g)
10. What's the smallest amount of gold I can buy?
Technically, you can buy any amount, but practical minimums exist:
Physical gold:
- Smallest coins: 1/10 oz t (~$200-250)
- Gold jewelry: Varies, but 14K chains start around $100-200 (contains ~0.05 oz t pure gold)
- Gold leaf: Decorative, negligible weight (~0.001 oz t per sheet)
Paper gold (no physical delivery):
- Gold ETFs (GLD, IAU): 1 share ≈ 0.1 oz t (~$200)
- Fractional platforms (OneGold, Vaulted): Buy as little as $1 worth (0.0005 oz t)
- Futures contracts: 100 oz t minimum (~$200,000—professional traders only)
Recommendation for beginners: Start with 1/4 oz or 1/2 oz coins (balance between affordability and premiums). Avoid tiny fractions (1/20 oz) due to extremely high premiums.
11. How do jewelers measure gold?
Three units, depending on context:
- Troy ounces (oz t): Buying gold from refineries, calculating melt value
- Pennyweights (dwt): Traditional unit (1 oz t = 20 dwt, 1 dwt = 1.555 g)
- Grams (g): Modern standard, easier math
Example (jeweler selling 14K scrap):
- Weighs scrap: 25.5 grams
- Converts to troy ounces: 25.5 ÷ 31.1 = 0.82 oz t
- Calculates pure gold: 0.82 × 0.583 (14K) = 0.478 oz t
- Refinery pays: 0.478 × $2,000 × 0.95 = $908 (95% of spot, 5% refining fee)
Pennyweight legacy: Older jewelers still use "dwt" for historic reasons. Most modern shops use grams for precision.
12. Why are central banks buying more gold?
Diversification away from the U.S. dollar and geopolitical hedging.
Key drivers:
- De-dollarization: Russia, China, Turkey reducing USD reserves after sanctions
- Inflation hedge: 2020-2024 inflation spikes drove safe-haven demand
- Currency debasement fears: Massive money printing (COVID stimulus) erodes fiat value
- Geopolitical tensions: Ukraine war, Taiwan tensions increase reserve gold holdings
Recent trends (2020-2024):
- China: Added 300+ tons (9.6M oz t) in 2023 alone
- Russia: Doubled reserves to 2,300 tons (74M oz t) before Ukraine war
- Poland: Increased from 103 to 228 tons (7.3M oz t)
- Singapore: Tripled reserves to 230 tons (7.4M oz t)
Why troy ounces matter: Central bank transactions are reported in troy ounces (IMF, World Gold Council standards), even though storage is often measured in metric tons.
Conversion Table: Dram to Troy Ounce
| Dram (dr) | Troy Ounce (oz t) |
|---|---|
| 0.5 | 0.029 |
| 1 | 0.057 |
| 1.5 | 0.085 |
| 2 | 0.114 |
| 5 | 0.285 |
| 10 | 0.57 |
| 25 | 1.424 |
| 50 | 2.848 |
| 100 | 5.697 |
| 250 | 14.242 |
| 500 | 28.483 |
| 1,000 | 56.966 |
People Also Ask
How do I convert Dram to Troy Ounce?
To convert Dram to Troy Ounce, enter the value in Dram in the calculator above. The conversion will happen automatically. Use our free online converter for instant and accurate results. You can also visit our weight converter page to convert between other units in this category.
Learn more →What is the conversion factor from Dram to Troy Ounce?
The conversion factor depends on the specific relationship between Dram and Troy Ounce. You can find the exact conversion formula and factor on this page. Our calculator handles all calculations automatically. See the conversion table above for common values.
Can I convert Troy Ounce back to Dram?
Yes! You can easily convert Troy Ounce back to Dram by using the swap button (⇌) in the calculator above, or by visiting our Troy Ounce to Dram converter page. You can also explore other weight conversions on our category page.
Learn more →What are common uses for Dram and Troy Ounce?
Dram and Troy Ounce are both standard units used in weight measurements. They are commonly used in various applications including engineering, construction, cooking, and scientific research. Browse our weight converter for more conversion options.
For more weight conversion questions, visit our FAQ page or explore our conversion guides.
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📚 How to Convert Units
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⚖️ Metric vs Imperial
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All Weight Conversions
Other Weight Units and Conversions
Explore other weight units and their conversion options:
- Kilogram (kg) • Dram to Kilogram
- Gram (g) • Dram to Gram
- Milligram (mg) • Dram to Milligram
- Pound (lb) • Dram to Pound
- Ounce (oz) • Dram to Ounce
- Stone (st) • Dram to Stone
- Ton (metric) (t) • Dram to Ton (metric)
- Ton (US) (ton) • Dram to Ton (US)
- Ton (UK) (long ton) • Dram to Ton (UK)
- Microgram (µg) • Dram to Microgram
Verified Against Authority Standards
All conversion formulas have been verified against international standards and authoritative sources to ensure maximum accuracy and reliability.
National Institute of Standards and Technology — US standards for weight and mass measurements
International Organization for Standardization — International standard for mechanics quantities
Last verified: December 3, 2025