Noun
troy ounce (plural troy ounces)
A former unit of mass equal to 31.1035 grams, 480 troy grains, or one twelfth of a troy pound.
Between 1933 and 1970 (when the U.S. officially left the gold standard), one U.S. dollar was technically worth exactly 1/35 of a troy ounce (889 mg) of gold. Source: Internet
Even though the troy pound was outlawed in the UK in the Weights and Measures Act of 1878, the troy ounce still may be used for the weight of precious stones and metals. Source: Internet
For a long period, the United States government set the value of the US dollar so that one troy ounce was equal to $20.67 ($664.56/kg), but in 1934 the dollar was devalued to $35.00 per troy ounce ($1125.27/kg). Source: Internet
In this agreement, the dollar was devalued from $35 per troy ounce of gold to $38. Source: Internet
Its price in 2012 was about $400 per troy ounce (or about $13,000 per kilogram), depending on the quantity and its supplier. Source: Internet
Later the avoirdupois ounce was standardised as 1 16 of a pound, but the troy ounce, which is 1 12 of a troy pound (a troy pound is lighter than an avoirdupois pound ), is still used for measuring precious metals. Source: Internet