Is a pound of silver the same weight as a pound of sugar? The answer is no, there are 12 ounces in a troy pound and 16 ounces in a standard pound. Troy weight is a system of weight used for precious metals based on the standard used on Roman times and consisted of 12 ounces per pound, 31.1 grams per troy ounce and 480 grains per troy ounce. Today, troy weight is used on the fields of precious metals and pharmacology.
The troy ounce is exclusively used in the pricing of precious metals, such as silver and gold. One troy ounce of pure silver .999 fine will cost spot price plus dealer premium. Art bars are collectables, troy weight is considered in the price paid but not the driving factor.
There are 12 troy ounces in a troy pound (pound of silver)
There are 31.1 grams in one troy ounce
There are 480 grains in one troy ounce