I just happened to be measuring some bowl gouges today that were made "over there". Over here, we do it nice and simple -- the outside diameter of the rod is the size of the gouge. The British, in a successful effort to make something simple complicated, measure from the outside to the top of the opposite flute, or to make it even more difficult to comprehend, they measure:
Stated size = diameter - ½[diameter - flute width].
I read this in Woodturning magazine so its gotta be true. It also jibes reasonably with what I measured on my bowl gouges. I do not remember that the magazine gave the reasoning, but after thinking about it, I concluded that instead of scoffing at this seemingly odd way to measure bowl gouge size, there is actually some rational logic behind it. If you do the math to simplify the above equation for stated size, you will see that it reduces to the average of tool diameter and flute width -- a good compromise solution to a non-existent problem. BTW, this does not apply to spindle gouges.
I have a Sorby bowl gouge that measures ⅝" diameter and ⅜" across the flutes so the average "stated size" is ½". The Crown PM gouges that I have are slightly larger in diameter and have slightly wider flutes, but the average is still very close to ½" and I doubt that calling it a 33/64" gouge is worth it. I do not have any Crown M2 gouges to check. My Thompson half-inch bowl gouge is a straightforward ½" diameter. I think that the original British sizing scheme has since been simplified to just go with referring to a ⅝" diameter tool as a half-inch tool since flute width is always somewhere in the vicinity of 60% of the diameter and even if it isn't, who would want to make an even bigger mess by calling it a different size simply because of flute width.
For what it is worth, I feel like I am getting more than my money's worth when a buy a half inch bowl gouge and get one that is approximately ⅝" diameter.