A pennyweight (dwt) is 1.555 grams, or 1/20 of a troy ounce. Many US gold buyers quote prices per dwt, so convert their price to grams or a share of spot before you compare offers.
The short version
A pennyweight is a small unit of weight used for gold, silver and other precious metals. It’s written dwt.
- 1 pennyweight = 1.555 grams
- 1 pennyweight = 24 grains
- 20 pennyweights = 1 troy ounce
The troy ounce is the ounce used for precious metals. It is about 31.1 grams, heavier than a regular kitchen ounce. See troy ounce vs regular ounce.
Where the name comes from
The name comes from the old English silver penny, which was both a coin and a unit of weight. The “d” in dwt comes from denarius, a Roman coin, which was also the old British symbol for a penny. The “wt” is short for weight.
The unit is old, but it’s still in everyday use in the US jewelry and scrap gold trade.
Why gold buyers use it
Many US jewelers, pawn shops and gold buyers weigh and price gold in pennyweights. Their scales often read in dwt, and their price boards may say something like “10K: $X per dwt.”
That’s fine, but it makes offers hard to compare. One shop might quote per gram, another per pennyweight, and a website per troy ounce. A price per dwt looks bigger than a price per gram for the same deal, because a pennyweight is about one and a half grams.
Conversion table
These figures come from the US National Institute of Standards and Technology (NIST).
| Unit | In pennyweights | In grams |
|---|---|---|
| 1 grain | 1/24 dwt | 0.0648 g |
| 1 gram | 0.643 dwt | 1 g |
| 1 pennyweight | 1 dwt | 1.555 g |
| 1 troy ounce | 20 dwt | 31.103 g |
| 1 regular (avoirdupois) ounce | 18.23 dwt | 28.35 g |
The exact figure is 1 dwt = 1.55517384 grams. For everyday use, 1.555 is close enough.
Quick math:
- Grams to dwt: divide by 1.555. For example, 10 grams ÷ 1.555 = about 6.43 dwt.
- Dwt to grams: multiply by 1.555. For example, 5 dwt × 1.555 = about 7.78 grams.
Or use the weight converter, which handles grams, pennyweights and ounces for you.
Comparing a per-dwt offer
Say one buyer offers a price per pennyweight and another offers a price per gram for the same 14K chain. To compare:
- Turn the per-dwt price into a per-gram price. Divide it by 1.555.
- Compare the two per-gram prices. The higher one pays more, as long as both are for the same karat and the same weight.
An even better check is to compare each offer with the melt value. Enter your weight and karat in the gold calculator, which accepts pennyweights and shows prices per dwt as well as per gram. Then work out what share of melt each buyer is offering. See what’s a fair gold offer?.
Check the weight, not just the price
A high price per pennyweight means little if the weight is wrong. Before you sell:
- Weigh your items at home in grams. See how to weigh gold at home.
- Ask the buyer for their weight in the unit they use, and convert it so you can compare it with yours.
- Ask whether stones or steel parts were subtracted. Clasps, springs and stones are not gold.
- Watch the scale. Ask to see the reading yourself.
If the buyer’s weight is much lower than yours, ask why before you agree to anything.
Quick summary
| Question | Short answer |
|---|---|
| What is a pennyweight? | 1.555 grams, or 1/20 troy ounce |
| What does dwt stand for? | Denarius (penny) weight |
| Pennyweights in a troy ounce | 20 |
| Is a per-dwt price higher than a per-gram price? | Yes, about 1.555 times, for the same deal |
These conversions are standard units. Prices and offers are estimates, not advice.
- NIST Handbook 44, Appendix C: General Tables of Units of Measurement
- NIST: Precious Metals Conversion Information
- LBMA: The pennyweight
Last reviewed October 29, 2026. This guide is general information, not legal, tax or financial advice.