This is probably a silly question, but I have to ask. Most of the final appraisals that I see are in mm and grams, although I notice a lot of appraisers work in pennyweights.
Do most appraisers use pennyweight as a unit of weight? Why?
Joined: Sun Dec 11, 2005 2:33 am Posts: 524 Location: East Coast
Pennyweight (dwt) vs. Gram (gr)
Pennyweight is part of the Precious Metal Weight know as Troy Ounce.
There are Twenty (20) Pennyweights (dwt) to a Troy Ounce (Oz)
It is kind of a History Lesson that most Jewelers and Jewelry Appraisers back-in-the-Day Early 1970’s almost always used Pennyweight and Troy Ounces to describe jewelry in appraisals and also Wholesalers who sold mountings and chains to jewelers.
HOWEVER during the First Big Gold Rush when Gold soared to $800.00 a Troy Ounce in 1978 to 1979 Something very strange happened.
It started out as an Advertizing Gimmick by Questionable Jewelers to Advertize and Sell Gold Chain and Gold Mountings by the Gram Weight (gr) and not Pennyweight (dwt).
One (1) Troy Ounce = 20 dwt One (1) Troy Ounce = 31.104 gr
It was all about Misdirecting in a Legally Fraudulent Way
$800.00 a Troy Ounce = $40.00 a pennyweight (dwt)
$800.00 a Troy Ounce = $25.72 a gram (gr)
As you can see from above, $25.72 looks a whole lot better than paying $40.00
These unscrupulous Sellers and Dealers used BIG Numbers stating the Price per gram but the gram sign (gr) was printed so small you could barely see it in the advertisement.
It instantly gave an unfair and fraudulent advantage to them as other was listing Pennyweight (dwt) prices
Most common consumers didn’t know or couldn’t tell the difference, all they saw and instantly recognized was a BIG DIFFERENCE in Prices not taking into account that different measurements of weights were involved.
It was all deceptive and legal because they listed the measurement of weight used as there was no law as to how big the weight sign displayed as to the Price Sign.
I know this for a fact because a Store in Wichita, Kansas advertized massively selling gold chain and gold mountings using Gram Weight instead of Pennyweight and they made a Fortune, because the consumer didn’t know the difference.
Several jewelers went so far as to file complaints with the Kansas Attorney General’s Office, Consumer Affairs Department but nothing was ever done. I was one of those jewelers demanding that the State’s Attorney General stop this immediately.
So it pays to cheat and pays to be deceptive ;/
But appraisers today use both either Gram or Pennyweight. It makes no difference, as long as the weights and measurement of Weight Scale Used is clearly stated in your appraisal.
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Joined: Sun Oct 16, 2005 12:22 pm Posts: 21602 Location: San Francisco
I use grams and millimeters. I had no idea of this scenario. I clearly remember gold chains being sold by the gram...and I guess they still are. I don't think I have a dwt scale.
Thank you so much for your replies. I really appreciated the history lesson, too, La Shawn. My scale toggles between a variety of units of weight but I'm most comfortable with grams. I've found a few conversion factors that I can use to go back and forth, so I'm becoming more comfortable with seeing both grams and pennyweights on appraisals/reports.
Can someone please explain to me why millimeters, which is a unit used to describe length, is being used to define weight? Is this because certain gold chains are calibrated for weight per length? Thanks in advance!
LaShawn's history lesson is right on the money (pun not intended): I don't think the story of pennyweights vs. grams could be said any better. Thanks for sharing!
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