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<p>[QUOTE=&quot;fatima, post: 1055392, member: 22143&quot;]The original coinage act of the late 1700s, which also established the US Mint, actually defined the US dollar in terms of grains of silver.&nbsp; Higher denominations were in gold and the worth of gold was established as 16X that of silver by weight.&nbsp;&nbsp; Coins were then denominated in $s, and not the weight, but this is how one established how much silver or gold they had.&nbsp; Since this definition lasted more or less for more than 100 years people completely understood how much PM they had by the $s they owned. </p><p><br /></p><p>This is why you don&#039;t see ounces listed on US gold and silver coins except for modern bullion coins and their collector equivalents.&nbsp; It&#039;s really too bad that coinage didn&#039;t have PM weight printed on it as it made it all too easy and tempting to redefine the $ in terms of a piece of paper printed by the independent Federal Reserve which can now create infinite supplies of the stuff. </p><p><br /></p><p>--------------------------</p><p><br /></p><p>It should be noted that in much of the world where gold and silver are more accepted by the public as storage of wealth, it is quite common for retail gold to be sold in grams.[/QUOTE]</p><p><br /></p>

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