They are phasing out the "old" sizing in favor of the "P-metric" style sizing that's currently used on car and pickup truck tires.
10 years from now people will be asking what the equivalent to a 16.9x24 is. There won't be any 16.9x24.
First number is the width in millimeters.
Second number is the "aspect ratio" the percentage of the width that is the sidewall height.
Third number is the rim diameter in inches.
420/70R24 is roughly 420mm wide, 70% aspect ratio (meaning the sidewall is roughly 294mm high, on a 24" diameter rim.
Most American tractors use 85% aspect ratio tires. 70% aspect ratio indicates that it is a European tire size as they tend to use wider tires with lower aspect ratios instead of duals.
If this is a front tire on a 4WD tractor you need to stick with the original size. If you go to 420/85R24, the tire will be too tall which will mess up your lead/lag and cause problems like driveline binding and/or power hop.
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