Pennyweight is derived from the price for a hundred nails in 15th century England: the larger the nail, the higher the cost per hundred. The pennyweight also bears no relation to the weight of the American "penny" (1 cent) coin, which weighs 2.5 g (for those minted after 1982). Pennyweight A pennyweight (abbreviated dwt, from denarius weight) is a unit of mass that is equal to 24 grains, of a troy ounce, of a troy pound, approximately 0.054857 avoirdupois ounce and exactly 1.55517384 grams. In the Middle Ages, a British penny's weight was literally, as well as monetarily, of an ounce
English units of a grain seed from the middle of an ear of barley. There also was a smaller "wheat grain", said to be (barley) grains or about 48.6 milligrams. The avoirdupois pound contained 7,000 grains and was used for all products not subject to Apothecaries's or Tower weight. Additions: The Troy and Tower pounds and their subdivisions were used for coins and precious metals. The Tower pound, which was based upon an earlier Anglo-Saxon pound, was replaced by the Troy pound when a proclamation dated 1526 required the Troy pound to be used for mint purposes instead of the Tower pound.