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Silver (troy ounce)
Troy weight is a system of units of mass customarily used for precious metals and gemstones. One troy ounce (abbreviated "oz" or "ozt") equals 31.1034768 grams exactly (or about 1.0971 oz. avoirdupois). There are only 12 troy ounces per troy pound, rather than the 16 ounces per pound found in the more common avoirdupois system. However, the avoirdupois pound has 7000 grains whereas the troy pound has only 5760 grains (i.e. 12 × 480 grains). Both systems use the same grain defined by the international yard and pound agreement of 1959 as exactly 0.06479891 grams. Therefore the troy ounce is 480 grains (31.10 g), compared with the avoirdupois ounce, which is 437.5 grains (28.35 g). So the troy ounce is about 10% heavier (ratio 192/175) than the avoirdupois ounce, which is used for everyday purposes in the United States. Although troy ounces are still used to weigh gold, silver, and gemstones, troy weight is no longer used in most other applications. One troy ounce of gold is denoted with the ISO 4217 currency code XAU, while one troy ounce of silver is denoted as XAG.
The United States dollar (sign: $; code: USD; also abbreviated US$ and referred to as the dollar, U.S. dollar, or American dollar) is the official currency of the United States and its insular territories per the United States Constitution. It is divided into 100 smaller cent (¢) units. The circulating paper money consists of Federal Reserve Notes that are denominated in United States dollars (12 U.S.C. § 418).
The U.S. dollar is commodity money of silver as enacted by the Coinage Act of 1792 which determined the dollar to be 371 4/16 grain (24.1 g) pure or 416 grain (27.0 g) standard silver. Since the currency is the most used in international transactions, it is the world's primary reserve currency. Several countries use it as their official currency, and in many others it is the de facto currency. Besides the United States, it is also used as the sole currency in two British Overseas Territories in the Caribbean: the British Virgin Islands and Turks and Caicos Islands. A few countries use the Federal Reserve Notes for paper money, while still minting their own coins, or also accept U.S. dollar coins (such as the Susan B. Anthony dollar).
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