Marv; There is also a difference in a U.S. Gallon and an Imperial Gallon. When buying and selling precious metals, they are ALWAYS measured in Troy ounces (12 ounces to the pound). When dealing with other commodities, such as produce; one pound equals 16 ounces avoirdupois, not troy. One must be familiar with what one is buying in order not to get taken advantage of.

During the great silver price surge in 1980, many unsuspecting naive SELLERS sold 16 ounces of silver to silver and gold buyers at the rate of 16 ounces to the pound, which means the silver BUYER got four ounces free ..... at close to $50 per ounce in the case of the price of silver in 1980. Also to be taken into consideration is the finess of silver and gold. .999 fine silver commands a higher price than sterling silver which is only .925 fine. With gold, the finess is measured by karat. 24k being pure, 12k is only 50% pure, or fine. Both are measured in troy ounces. So the pound strikes you had mentioned are correctly described as being only 12 ounces (troy). The problem is that Fitzgerald puts a value on their one pound silver at $200. The one pound Fitzgeralds ingot would say $200 if the price of silver were $5 per troy ounce or $10 per troy ounce on any given day. Fitzgeralds can put any redemption value they wish on their pound ingots. The $10, $40 silver strikes have nowhere near that value in silver, based on current silver prices in them either.