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Sterling silver is an alloy composed by weight of 92.5% silver and 7.5% other metals, usually copper. The sterling silver standard has a minimum millesimal fineness of 925. Tiffany & Co. pitcher ( c. 1871 ) having paneled sides and repoussé design with shells, scrolls and flowers; top edge is repousse arrowhead leaf design
The price of silver has risen fairly steeply since September 2005, being initially around $7 per troy ounce, but reaching $14 per troy ounce for the first time by late April 2006, and the average price of the month was $12.61 per troy ounce.
New silver coinage was to be of .925 standard, with silver coins to be minted at 66 shillings to the troy pound. [9] Hence, newly minted shillings weighed 2 ⁄ 11 troy ounce, equivalent to 87.273 grains or 5.655 grams. The Royal Mint debased the silver coinage in 1920 from 92.5% silver to 50% silver.
Florins minted from 1910 to 1945 were produced with a .925 sterling silver content, weighing 11.31 grams (0.3636 troy ounces) with an actual silver weight (ASW) of 10.46 grams (0.3363 ozt). Florins minted from 1946 to 1963 were produced with a .500 silver content (50% silver), weighing 11.31 grams with an ASW of 5.65 g (0.1818 ozt).
Silver prices are normally quoted in troy ounces. One troy ounce is equal to 31.1034768 grams. The London silver fix is published every working day at noon London time. [110] This price is determined by several major international banks and is used by London bullion market members for trading that day.
The Spanish silver dollar created a global silver standard from the 16th to 19th centuries. The silver standard [a] is a monetary system in which the standard economic unit of account is a fixed weight of silver. Silver was far more widespread than gold as the monetary standard worldwide, from the Sumerians c. 3000 BC until 1873.