20g CombiBar Gold Bar

The 20g Valcambi CombiBar Gold Bar

The CombiBar is a patented product from Valcambi SA, one of the world's largest precious metals refineries, founded in 1961 in Balerna, Switzerland. The 20g gold CombiBar is a flat 999.9 fine gold bar scored with precision grooves that allow it to be separated into individual 1g segments by hand. The bar contains 20 segments arranged in a grid, each stamped with the Valcambi name, "SUISSE" origin mark, weight, and purity.

The concept behind the CombiBar is practical divisibility. A buyer acquires 20 grams of gold as a single certified bar, then has the option to break off individual 1g pieces as needed, without selling the entire position. Each separated gram of gold is worth approximately USD 100-110 at current prices, making the CombiBar a functional option for those who want to liquidate in very small increments. The original 50g CombiBar launched in April 2011; the 20g format was added later as a more accessible entry point.

This feature comes with a trade-off. The CombiBar is sealed in a PETG blister with a serial-numbered assay certificate that verifies the entire bar's weight and purity. Once any segment is broken off, the assay certification no longer applies to the remaining pieces. Individual separated segments can still be identified by the Valcambi hallmark and CHI Essayeur Fondeur mark stamped on each one, and most dealers will buy them back based on weight and hallmark verification. The per-gram buyback price for a loose segment is typically lower than for a sealed, intact CombiBar.

At 20 grams, the CombiBar offers a different value proposition from a standard 20g bar. A conventional Valcambi 20g bar carries a lower premium because it is simpler to manufacture. The CombiBar's premium reflects the additional cost of precision groove-cutting and individual segment stamping. Buyers pay more for the option of divisibility, and the decision depends on whether that flexibility is worth the markup.

20g CombiBar Specifications

Each 1g segment, once separated, is a small square bar stamped with the Valcambi name and purity. The segments can be snapped off by hand along the pre-scored grooves. The 20g format is smaller than the original 50g CombiBar (which has a 10 x 5 grid of segments) and the 100g version (10 x 10 grid). Valcambi's CombiBar product line also extends to silver (100g, 100 x 1g), platinum (50g, 50 x 1g), and palladium (50g, 50 x 1g).

Tax Treatment of the 20g CombiBar

The Valcambi CombiBar is a gold bar (not a coin) with no face value or legal tender status. Its 999.9 purity from an LBMA-accredited refiner qualifies it for investment gold treatment.

• United Kingdom: VAT-exempt as investment gold. Subject to CGT on disposal. Not eligible for the CGT exemption available to UK legal tender coins. The divisibility feature has no tax implication in the UK; each separated segment retains its investment gold status.
• United States: State sales tax varies. IRA-eligible when from an LBMA refiner at 99.5%+ purity and held by an approved custodian. Some IRA custodians may have specific policies about divisible bars and whether they must remain in sealed packaging. Capital gains taxed at the collectibles rate (up to 28%).
• European Union: VAT-exempt under Directive 98/80/EC. In Germany, gains are tax-free after a one-year holding period.
• Switzerland: VAT-exempt as investment gold. No capital gains tax for individual investors on personal assets, making Switzerland one of the most favourable jurisdictions for holding gold in any format.
• Canada: GST/HST exempt at 99.5%+ purity. Eligible for RRSP accounts, though custodians may require bars to remain sealed.
• Australia: GST-free as investment-grade gold (99.5%+ purity).
• Singapore: GST-exempt under the IPM scheme. No capital gains tax.
• Hong Kong: No sales tax, no import duty, no CGT.

CombiBar vs Standard 20g Bars, 1g Bars, and Fractional Coins

The CombiBar occupies a unique position in the gold market because no directly competing product offers the same combination of bulk pricing and physical divisibility. The closest comparisons are the standard 20g bar, individual 1g bars, and fractional gold coins.

A standard Valcambi 20g bar (same manufacturer, same purity) carries lower premiums than the CombiBar because it requires no precision groove-cutting or individual segment stamping. Buyers who have no intention of breaking their gold into smaller pieces get more metal per dollar with the standard bar. The CombiBar only makes financial sense for buyers who specifically value the option of partial liquidation.

Against buying 20 individual 1g bars separately, the CombiBar offers significant savings. Individual 1g bars from major refiners carry premiums of 15-30% over spot, driven by the cost of individual packaging and assaying. The CombiBar reduces this by packaging 20 segments under a single assay, delivering a per-gram premium roughly 15-25% lower than the equivalent quantity of individual 1g bars.

PAMP produces a "Multigram" product that serves a similar purpose: a card containing multiple individually sealed 1g bars. The key difference is that each PAMP Multigram bar is individually sealed and assayed, so removing one bar does not compromise the provenance of the others. The CombiBar's assay covers the whole bar. After separation, CombiBar segments rely on the Valcambi hallmark for identification rather than individual certification. The PAMP Multigram maintains individual bar provenance at a higher price.

Fractional gold coins (1/10 oz, 1/4 oz) serve a similar purpose of smaller gold denominations, but carry higher premiums and are not divisible further. Coins offer legal tender status and, in the UK, CGT exemption for British issues. The CombiBar is cheaper per gram but lacks those legal and tax advantages.