Dollar gold to silver ratio be exactly 15.5. Then a pennyweight of gold, that is 24 grains of gold, is nearly equal in value to a dollar of silver (1 dwt of gold = $1.002 of silver). Second, a dollar of gold is nearly equal in value to a pound of silver ($1 of gold = 5754 3/8 grains of silver = 0.999 Lb of silver). Third, the number of grains in a dollar (371.25) roughly equals the number of grams in a troy pound (373.24). The actual process of defining the US silver dollar had nothing to do with any
Exchequer Standards inches. According to Secretary Adams, Adams goes on to say (paraphrased and simplified): Thus, the key to the whole measurement system of 1266 was the weight of the silver penny sterling. This penny was 1/240th of the Tower pound, which had been used at the London mint for centuries before the Norman conquest, and which continued as legal tender until 1527, when Henry VIII replaced it with the Troy pound. The Tower pound weighed 3/4 Troy ounce less than the Troy pound (15/16th of the Troy pound). Its penny, therefore weighed 22.5 Troy grains. There was also another pound used