The thickness also varies by type of metal for the same gauge. Here's a link to a set of charts for some of the most commonly used metals. Note that 1/8" does not match any of the gauges except for stainless steel.
Sheet Metal Gauge Chart | Metal Supermarkets - Steel, Aluminum, Stainless, Hot-Rolled, Cold-Rolled, Alloy, Carbon, Galvanized, Brass, Bronze, Copper
Yes, that's true depending on the sloppyness factor. The 11 gauge is commonly used for 1/8" stuff, but a true machinist would not be happy and shims would have to be used - again, depending on the application.I did notice a pattern that is a, ummm, (engaging over simplification logic mode) what someone with a small amount of patience for details / or digits to the right of the decimal point (smirks)..... Could start to say..... If you round up to the tenths or "if you have to use the hundredths - it does show that '11 gauge' can generalize (quite sloppily) to a 0.125 inch
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