Pound (mass) a legal unit for trade (it was abolished in the United Kingdom on 6 January 1879 by the Weights and Measures Act of 1878), but the troy ounce, of a troy pound, is still used for measurements of gems such as opals, and precious metals such as silver, platinum and particularly gold. The system called Tower weight was the more general name for King Offa's pound. This dates to 757 AD and was based on the silver penny. This in turn was struck over Arabic dirhams (2d). The pound was based on the weight of 120 Arabic silver dirhams, which
Precious metal "precious" metal can also be determined by high demand or market value. Precious metals in bulk form are known as bullion and are traded on commodity markets. Bullion metals may be cast into ingots or minted into coins. The defining attribute of bullion is that it is valued by its mass and purity rather than by a face value as money. The level of purity varies from issue to issue. "Three nines" (99.9%) purity is common. The purest mass-produced bullion coins are in the Canadian Gold Maple Leaf series, which go up to 99.999% purity. A 100% pure bullion is