How many grams is a troy ounce?

A troy ounce is exactly 31.1035 grams. This is approximately 10% heavier than a standard avoirdupois ounce (28.3495g). The troy system is the universal standard for precious metals trading worldwide.

What does .999 fine mean?

.999 fine (also called three nines fine) means 999 parts per 1,000 are pure metal — 99.9% purity. This is the standard for most modern bullion coins like the American Silver Eagle. Some coins like the Canadian Maple Leaf are .9999 fine (four nines — 99.99% pure).

What is the difference between spot price and melt value?

Spot price is the per-ounce market rate for pure metal. Melt value is spot price applied to a specific item, accounting for its weight and purity. For example, if silver spot is $30/oz, that's the spot price. A pre-1965 Washington quarter (0.1808 oz ASW) has a melt value of $5.42 at that spot price.

What is a good gold-to-silver ratio?

The gold-to-silver ratio (GSR) has averaged roughly 60:1 over the past century. Ratios above 80:1 historically favor buying silver (silver is relatively cheap vs gold). Below 50:1 favors gold. The all-time modern high was 127:1 during March 2020 (COVID). The Coinage Act of 1792 fixed the ratio at 15:1.

Why is it called junk silver?

The term 'junk silver' refers to pre-1965 US coins (dimes, quarters, half dollars) that contain 90% silver but have no numismatic or collector premium — they are valued purely for their silver content. The name stuck in dealer circles because these coins are 'junk' from a collector's standpoint but valuable for their metal. President Lyndon Johnson signed the Coinage Act of 1965 on July 23, 1965, removing silver from US circulating coinage.

Precious Metals Glossary
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