What is price of gold per pennyweight?

Many people have asked the question, “What is price of gold per pennyweight?”

This is an important question if you want figure out the value of scrap gold that you own that is currently measured in pennyweight. Since most gold buying websites do not show the price of gold in pennyweight the questions that we need to answer are:

“How many gold pennyweights in a troy ounce?” and
“How do I convert pennyweight to grams so I know how much gold I have?”

Firstly, let’s define pennyweight. What is a pennyweight in the first place?

The dictionary definition of pennyweight in Wikipedia is:

“A pennyweight (abbreviated dwt) is a unit of mass that is equal to 24 grains, 1/240 of a troy pound, 1/20 of a troy ounce, approximately 0.054875 avoirdupois ounce and approximately 1.555 grams.”

OK. So to most people the above definition REALLY doesn’t mean too much. How does that help you figure out how many grams or troy ounces of gold you have instead of it in pennyweight?

Pennyweight to Grams

In the above definition of pennyweight is says,”1 pennyweight is = to 1.555 grams.” If you had 5.65 pennyweight of gold that would equal 8.785 grams of gold.

Example
5.65 dwt x 1.55 grams / dwt = 8.7575 grams (round to 8.758 grams)

Did you know that Google has a great built in conversion tool. If you type, “5.65 pennyweight to gram” the above answer will appear at the top of the search results.

Pennyweight to Ounce

Going back to the above Wikipedia definition of pennyweight it is says, “ 1 pennyweight is = 1/20 of a troy ounce.” As with the above example, if you had 5.65 pennyweight of gold that would equal 0.283 troy ounces of gold.

Example
5.65 dwt x 0.05 troy ounce / dwt = 0.2825 troy ounces (round to 0.283)

(Note: 1/20 troy ounce = 0.05 troy ounce)

Again, if you type “5.65 pennyweight to troy ounce” the above answer in Google will appear at the top of the search results.

Now if you put “ounce” instead of “troy ounce” a different number will appear. Ounces we use in household measurements is different than troy ounces.

How Much is My Gold Worth?

As you now know what your gold weighs in grams or troy ounces you can look at the various online gold buying websites to determine what the gold buyers are buying your carat of gold for.

If you are selling your gold, click here for a great precious metal buyer that shows what they pay in pennyweight(wt). Most seller do not show their payouts in pennyweight(wt). They also rent scales out for free. I have NEVER found anyone else that does this. All you have to do is put up a small refundable deposit. Click above for more information on scale rental also.