What is a pennyweight?
Gold is usually measured in troy ounce, although you can also see the price of gold in ounce, grams or in pennyweights. In order to know how many pennyweights in an ounce of gold, one needs to know more about this measurement. A pennyweight is used by jewelers in order to find the amount of gold that isn present in a piece of jewelry. Another method to find out the purity of gold is the karat, which should be distinguished from carat. Carat is used as a unit for gems and stones, whereas a karat measures the purity of gold. A pennyweight is 1/20 of an ounce, which means that in an ounce of gold, there are 20 pennyweights.
How to calculate the pennyweight
If you wish, you can easily calculate the pennyweight of a piece of jewelry. First, you need to know the karat number of the gold jewelry. Jewelry cannot be made of absolutely pure jewelry, as it is very soft and it is usually an alloy of some other metal. The number of karats of a piece of jewelry is the proportion of gold in the sample and this can range from zero to 24 karats, which is the purest gold. Mostly jewelry is made from 10 to 18 karats of gold.
You need to convert the karat rating to a decimal. For example, if the purity is 18 karat, then you divide 18 by 24 and then multiply the decimal number by the weight of the sample in ounces. This will give you the amount of gold present in the sample and if this is multiplied by 20, it will give you the pennyweight of the gold jewelry. This is the simple answer for how many pennyweights in an ounce of gold.
Calculating the price in pennyweight
Pennyweight is abbreviated to dwt. You can sell your gold by pennyweight or you can convert pennyweights into ounces or grams, or even troy ounces. However, in world markets, the price of gold is never given in pennyweights. It is usually in troy ounces, and one has to then convert the measurement. In case your gold is weighed in grams, then it should be multiplied by 0.6006 which will give you the pennyweight. In case of grains, it should be divided by 24 and if you weigh it in troy ounces then you should multiply it by 20.
You can then locate the spot price of gold that is provided in various websites. This can also be converted into the price for pennyweights by just dividing the spot price by 20, as there are 20 pennyweights in a troy ounce. This shows how many pennyweights in an ounce of gold.