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24-carat gold is pure (while 100% purity is very difficult to attain, 24-carat as a designation is permitted in commerce for a minimum of 99.95% purity), 18-carat gold is 18 parts gold, 6 parts another metal (forming an alloy with 75% gold), 12-carat gold is 12 parts gold (12 parts another metal), and so forth. [20]
White gold is an alloy of gold and at least one white metal (usually nickel, silver, platinum or palladium). [5] Like yellow gold, the purity of white gold is given in karats. White gold's properties vary depending on the metals used and their proportions. A common white gold formulation consists of 90% wt. gold and 10% wt. nickel. [4]
The resulting gold is 99.5% pure, but of lower purity than gold produced by the other common refining method, the Wohlwill process, which produces gold of up to 99.999% purity. [1] [2] The Wohlwill process is commonly used for producing high-purity gold, such as in electronics work, where exacting standards of purity are required.
The sovereign is a British gold coin with a nominal value of one pound sterling (£1) and contains 0.2354 troy ounces (113.0 gr; 7.32 g) of pure gold.Struck since 1817, it was originally a circulating coin that was accepted in Britain and elsewhere in the world; it is now a bullion coin and is sometimes mounted in jewellery.
The standard gold bar held and traded internationally by central banks and bullion dealers is the Good Delivery bar with a 400 ozt (12.4 kg; 27.4 lb) nominal weight. However, its precise gold content is permitted to vary between 350 ozt (10.9 kg; 24.0 lb) and 430 ozt (13.4 kg; 29.5 lb). The minimum purity required is 995 ‰ gold.
Troy weights were first used in England in the 15th century and were made official for gold and silver in 1527. [1] The British Imperial system of weights and measures (also known as Imperial units) was established in 1824, prior to which the troy weight system was a subset of pre-Imperial English units.
The Krugerrand is the first modern example of measuring in "pure gold": it should contain at least 12 ⁄ 11 ounces of at least 11 ⁄ 12 pure gold. Other bullion coins (for example the British Sovereign) show neither the purity nor the fine-gold weight on the coin but are recognized and consistent in their composition.
1 troy ounce of four nines fine gold (999.9) Nines are an informal logarithmic notation for proportions very near to one or, equivalently, percentages very near 100%. Put simply, "nines" are the number of consecutive nines in a percentage such as 99% (two nines) [1] or a decimal fraction such as 0.999 (three nines).
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