Troy weight A grain is 20 mites, a mite is 24 droits, a droit is 20 perits, a perit is 24 blanks. In Scotland, the Incorporation of Goldsmiths of the City of Edinburgh used a system in multiples of sixteen. ("See Assay-Master's Accounts, 1681–1702, on loan from the Incorporation to the National Archives of Scotland".) Thus, there were 16 drops to the troy ounce, 16 ounces to the troy pound, and 16 pounds to the troy stone. The Scots had several other ways of measuring precious metals and gems, but this was the common usage for gold and silver. The Pound was
Taxation of precious metals Taxation of precious metals Precious metals are subject to taxation in most countries, because of their high economic value. In most countries capital gains tax applies when precious metals are sold at a profit. Some countries also apply value added tax to precious metals. In the European Union, the trading of recognised gold coins and bullion products is VAT exempt, but no such allowance is given to silver. Elsewhere in Europe though, Norway has exempted both gold and silver bullion coins with face value from VAT; Norway is part of the wider EEA (European Economic Area) and thus applies the