Silver Ounce
Also: troy ounce silver, oz Ag, troy oz silver, fine ounce silver
The silver ounce is the international standard unit for the silver trade, meaning one troy ounce of silver weighing 31.1035 grams.
The silver ounce is the most widely used trading and pricing unit for physical silver worldwide. It always refers to the troy ounce (oz t or oz tr) from the historic troy weight system — not the lighter avoirdupois ounce of everyday commerce. The current silver price is quoted on the international futures exchanges and at the LBMA fixing in US dollars per troy ounce.
Weight and distinction
One troy ounce equals exactly 31.1034768 grams — rounded to 31.1035 g in everyday use. The related but heavier avoirdupois ounce (28.3495 g) is expressly not used for precious metals. If you need conversions, the melt-value calculator offers a quick tool.
| Unit | Grams | Ratio to the troy ounce |
|---|---|---|
| Troy ounce (troy oz) | 31.1035 g | 1.0000 |
| Avoirdupois ounce | 28.3495 g | 0.9115 |
| 10 grams | 10.0000 g | 0.3215 |
| Tola (India) | 11.6638 g | 0.3750 |
Fineness: what is a "silver ounce" worth?
The spot price refers to fine silver, that is 999.0 ‰ (‰ = parts of silver per thousand). Physical products differ in fineness:
- Fine-silver bars (999 / 999.9): a full match with the spot price; the silver calculator gives the exact melt value.
- Bullion coins (999 / 999.9): Maple Leaf, Vienna Philharmonic (silver), American Eagle — fineness equal to the spot basis, plus a premium. The American Silver Eagle has been consistently 999 fine since its 1986 launch (1 oz gross weight = 31.1035 g); the 2021 redesign changed only the motif.
- Sterling-silver cutlery (925 ‰): the coin-weight checker lets you compute the fine weight from gross weight and fineness.
Fine weight (g) = gross weight (g) × fineness (‰) ÷ 1000
Melt value = fine weight ÷ 31.1035 × silver price (USD/oz)
Key silver coins in the "1 oz" unit
The classic trading size for investors is the 1-ounce bullion coin. Alongside it exist fractions (½ oz, ¼ oz, 1/10 oz) and larger pieces (2 oz, 5 oz, 10 oz, 1 kg).
| Coin | Minting country | Fineness | Face value |
|---|---|---|---|
| Vienna Philharmonic (silver) | Austria | 999 ‰ | €1.50 |
| Maple Leaf (silver) | Canada | 999.9 ‰ | 5 CAD |
| American Eagle | USA | 999 ‰ | 1 USD |
| Britannia (silver) | United Kingdom | 999 ‰ | 2 GBP |
| Kangaroo / Nugget (silver) | Australia | 999.9 ‰ | 1 AUD |
| Krugerrand (silver) | South Africa | 999 ‰ | none |
Tax in Ireland
Note: this is not tax or investment advice.
Silver in Ireland carries the full VAT rate of 23%, raising the entry cost against investment gold, which is VAT-exempt. On a sale at a gain, a private individual is liable to Capital Gains Tax at 33% on the profit, after the annual personal exemption of EUR 1,270; Ireland grants no relief for the length of holding. Please check thresholds and reliefs for your own circumstances with a tax adviser.
Market structure and pricing
The silver price in USD/oz is set twice daily by the LBMA Silver Price fixing (an electronic auction) and serves as the global reference. In parallel, futures contracts trade on the COMEX (Chicago), where the standard silver contract covers 5,000 troy ounces. Private investors typically buy at a dealer price = spot price + premium (agio), which covers minting, storage and the dealer margin.
In brief
The silver ounce is the indispensable unit of every silver market — from the single coin to the LBMA Good Delivery bar. Anyone buying or valuing silver should always distinguish gross weight from fine weight and keep the tax points (23% VAT, 33% CGT on gains) in mind.