Between bank safety deposit boxes, home safes and various storage facilities, Italy is estimated to hold at least 1,200–1,500 tons of investment gold in private hands. The gold bullion owned by families today represents at least half of the reserves held by the Bank of Italy (2,452 tons, of which only 44.86% is stored within the country). Private investments in the metal, which has historically been considered the "safe haven" par excellence, are currently valued at €156 to €195 billion, with additional accelerated growth anticipated. This is undisclosed wealth that clearly avoids taxation. Until the last century, the most common means of accumulation were coins (sterlings, marenghis, and Krugerrands), which served as a traditional store of wealth and were frequently associated with generational transfers and small family deposits. Since 2000, however, there has been a diversification in ownership; although the coin component remains significant, the share of gold held in the form of ingots and plaques of various denominations has increased significantly, aided by the evolution of the law that liberalized the investment gold market in Italy, exempting it from value added tax (for transactions between private individuals).