A common mistake made when attempting to figure the price of silver weighed by the pound, is to multiply the spot price of silver by 16. I have actually seen this uninformed notion given out as advice on a Q&A website. The problem with that formula is that it assumes that silver is priced in avoirdupois ounces, of which there are 16 to an avoirdupois pound. In actuality, the spot price of precious metals like silver is based on troy ounces instead.
A troy ounce is almost 10% heavier than the U.S. standard avoirdupois ounce. So, the previously mentioned incorrect formula would give you a price that is almost 10% higher than spot. How many of those sellers listing silver coins by the pound on eBay will tell you that? Do you think maybe they’re hoping that you won’t know the difference between the troy and avoirdupois systems of weight?
Well, you no longer need to worry about getting fleeced, or having to hassle with converting avoirdupois pounds to troy ounces. Now you can just head on over to CoinApps.com and use the new silver price per pound calculator. You can enter the total weight of the silver by either regular(avoirdupois) pounds, or by troy pounds(12 troy ounces). The calculator will make the weight conversion for you, and provide you with the correct silver value.
Like all of my other weight based calculators, this one also allows you to specify the purity percentage of the silver being weighed. So for instance, if you were calculating U.S. 90% junk silver coins by the pound, you would enter 90 in the “Silver Purity” text box. You can use the current silver spot price that is automatically provided, or enter any other price of your choice; and even choose from 14 different currencies. This latest calculator is online now, and available for you to use from the following link: