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This is an auxiliary template allowing to encode "
within template parameters. It is unnecessary to get a "
|" in these cases, and it is better to use "
|" for this purpose. However the "
|" delimiter for a Wiki table has to be escaped by a template if it's used within a template, see also[[[WP:QIF]].
Note that there's no such problem with "
!" (exclamation mark), it only affects "
|" (vertical bar) in conjunction with the m:Help:Parameter_defaultmechanism within tables.