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It refers to the physical form of the precious metals which is produced by mints around the world. It can be used in trades where the currencies fail to provide sufficient value. Some of the popular ones are Britannias and Sovereigns. These are legal tenders in the UK, exempt from CGT.
Such monetary units may have a nominal currency rate but the worth of the base metal is very high. These provide low-cost liquid options to invest in gold and can be bought through online trading platforms like bullionvault .
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