The term ‘standard gold’
was used in all London gold market and Bank of England documents until the beginning
of the twentieth century when the phrase good
delivery for 995 gold replaced it.
The term ‘standard gold’
is still used in India to describe the 916 fine
(22 carat) bars
normally traded in the Bombay market.
In the United States it
refers to an alloy 900 fine, with the balance
in copper, used for coinage.
Standard Gold
Originally,
standard gold meant metal that was 916 fine; this was the commonly traded purity
until the twentieth century. Thus the sterling price
of gold set at £3.17.10½ d in 1717 was per standard troy
ounce; the price for fine gold (then not
refined) was the equivalent of £4.4.11½ d.