Currency Determination No. 1 of 1992

Overview

The Currency Determination No. 1 of 1992 is a legislative instrument made under the authority of the Currency Act 1965. Enacted by the Commonwealth of Australia, this Determination addresses the specific characteristics of a newly introduced 5 dollar satellite coin. This legislation was introduced to standardise the specifications of the new coin to ensure consistency and compliance with legal tender requirements. The Determination was made by the Parliamentary Secretary to the Treasurer, acting on behalf of the Treasurer, and it outlines the coin's weight, dimensions, and design. The policy objective is to clearly define the attributes of the new 5 dollar satellite coin, facilitating its production, distribution, and acceptance as legal tender. The Determination specifies that the coin's standard weight is 28.00 grams, with an allowable variation of 0.80 grams, a diameter of 38.90 millimetres, a thickness of 3.50 millimetres, and particular design elements on both the obverse and reverse sides of the coin.

Scope and Application

The Currency Determination No. 1 of 1992, made under the Currency Act 1965, applies to the specification and production of a 5 dollar satellite coin in Australia. This legislation sets out the precise standards for the composition, weight, dimensions, and design of the coin, which is meant to serve as legal tender throughout the Commonwealth of Australia. The act applies to coin manufacturers and the Reserve Bank of Australia, which are responsible for producing and distributing the coin to ensure it meets the stipulated criteria. The geographic reach of this legislation is national, as it pertains to the currency used across Australia. There are no stated exclusions, exemptions, or thresholds in the Determination itself; however, the Currency Act 1965 may include provisions that govern broader aspects of currency and coin production. The application of this Determination can be extended or restricted through subordinate instruments as necessary, ensuring the integrity and uniformity of Australian currency.

Key Provisions

The Currency Determination No. 1 of 1992, under section 13A of the Currency Act 1965, specifies the particulars of a $5 satellite coin. This coin, referred to as the "5 dollar satellite coin", has certain characteristics that are outlined in the determination (sections 3, 4, 5, and 6). The coin must be made of copper, aluminium, and nickel (section 3(a)), weigh 28.00 grams with a permissible variance of 0.80 grams (section 4), have a diameter of 38.90 millimetres and a thickness of 3.50 millimetres (section 5), and be circular with a milled edge (section 6(2)). The obverse of the coin must depict an effigy of the Queen along with the inscriptions "ELIZABETH II AUSTRALIA" and "1992", while the reverse must show a representation of satellites in the form of the Southern Cross orbiting Australia with the inscription "5 DOLLARS" (section 6(3) and (4)). The obligations imposed by this Determination are primarily descriptive, setting out the specifications for the coin’s composition, weight, dimensions, and design. Entities involved in the minting and circulation of this coin must adhere to these specifications to ensure the coin meets the legal requirements as outlined in the Currency Act 1965. Any deviation from the specified standards could potentially render the coin non-compliant with the Act. Failure to comply with the requirements set forth in this Determination may result in legal consequences. While the Determination itself does not explicitly outline penalties for non-compliance, breaches of the Currency Act 1965 can lead to significant civil and criminal penalties. For instance, under the Act, offences such as counterfeiting or making false coins can attract severe penalties, including fines of up to $195,000 or imprisonment for up to 15 years, or both, for individuals, and fines of up to $975,000 for bodies corporate. Additionally, civil penalties can be imposed, which further underscores the importance of adhering to the specifications provided in the Determination.