Re: GPS format
CG uses D M.MMM. Most paper charts are D M S or Loran. You can drop the third place on the fractional minutes and get close enough to see the boat that hailed you in.
When talking to the CG you would state your position IE: N44d 59.000' by W124d 35.003' as "North Forty four degrees, Fifty nine Decimal zero zero zero minutes by West One twenty four degrees, Thirty five decimal zero zero three minutes." Get a repeat back when reporting your position for rescue and you will know for sure that they know for sure where you are at.
D degrees
M Minutes
S Seconds
.MMM thousandths of minutes
I don't know if there is any advantage of one system over the other. The only factor I can think of is the DMS format of most paper charts. Conversion can confuse you. To go from seconds to .MMM just divide seconds by 60 and round to 3 places. IE 58 seconds becomes 0.966 minutes. to go the other way multiply the fractional minutes by 60 to get seconds.
Aren't you glad they have not imposed the metric system on Navigation?
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