Fine Gold - What is Considered Fine Gold?
Most commonly, fine gold is 999. This is the gold most commonly referred to as 24 karat gold, although technically 24 karat gold is pure. However, as this is difficult to achieve outside of a lab environment, 999 gold is generally considered close enough. Gold manufacturers are legally allowed a half-karat tolerance in making gold products.
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The gold thus obtained was from 996 to 999 fine. About 300 kilogrammes of gold per month was thus refined at a cost, including subsequent coinage, of 1s. 10½d. per standard oz., 916.9 fine. The loss on the transaction was 5½d. per oz., as the Mint bought gold at £3 16s. 9½d. per standard oz., with a deduction of 4d. for refining.
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