Troy weight displaced it. Where once 240 pence made a tower pound (and 256 make a troy pound), by the time of the United Kingdom Weights and Measures Act of 1824, a troy pound gives 792 silver pence, still minted as such as Maundy Money. Sterling originally referred to the Norman silver penny of the late 11th century. The coin was minted to a fineness of 11 oz, 2 dwt (in the pound), or 925 Millesimal fineness. Troy weight Troy weight is a system of units of mass customarily used for precious metals and gemstones. One troy ounce (abbreviated "t oz" or
Economic reforms under Peter the Great small copper coins. The silver coins were quite large and were often cut into several parts, each part having its own turnover. As part of the monetary reform in the year 1704, a new, simple decimal system was introduced. Instead of the weight, each coin was valued by its decimal number. Eventually, Europe also started using this system, but it was much later. Minting of coins became the unconditional monopoly of the state. There were also gold coins, but they were mostly used for ceremonial purposes, as a reward to the soldiers. The ban on export of precious metals was