What is 14 milligrams (mg) of gold worth? I am considering purchasing some Buffalo tribute coins that are clad in 14 mgs of pure 24 kt. Gold and want to know what this gold is worth. – Thanks from Julie in Chicago, Illinois.
Gold is measured in troy ounces. When you see the daily price of gold, you are mostly likely seeing the price per troy ounce. This can be confusing when you are working with other units of measurement.
Here are some quick conversions to give you an idea about how much a troy ounce is in comparison to other units of measurement.
1 gram = 0.0321507466 troy ounces
1 milligram = 0.001 grams
1 milligram = 0.0000321507465686 troy ounces
14 milligrams = .0004494 troy ounces
Now that we have done the correct conversion, let’s talk money! Today (8-3-2011) the price of gold is at $1,637.50 USD per troy ounce.*
1 troy ounce of pure gold = $1,637.50 USD*
1 gram of pure gold = $52.65*
1 milligram of pure gold = $0.05*
14 milligrams of pure gold = $0.74*
As you can tell, 14 milligrams of gold is small. Plus these coins are clad (or covered) in gold and not made from solid gold, so it is not like we could even refine this small amout of gold from these tribute coins.
See more information on the Gold Buffalo Nickel Tribute Proof.
*Prices given reflect the price of gold when this blog post was written. Gold price may or may not be the actual current price of gold.