Currency Determination No. 10 of 1993

Overview

The Commonwealth of Australia Currency Act 1965 was enacted to establish the legal framework for the issuance and regulation of currency within Australia. The Act was introduced to address the need for a centralised authority and consistent standards in the production and circulation of legal tender. The Currency Determination No. 10 of 1993, made under the authority of the Currency Act, specifies the design and composition of a $5 silver coin, which includes not less than 92.5% silver, establishing precise standards for its weight, diameter, thickness, and both obverse and reverse designs. This legislative instrument aims to ensure the integrity and recognisability of Australian currency, facilitating its use in transactions and maintaining public confidence in the monetary system. The determination was made by Gary Johns, the Parliamentary Secretary to the Treasurer, on behalf of the Treasurer, and it came into effect on 13 September 1993.

Scope and Application

The Currency Determination No. 10 of 1993, made under the Currency Act 1965, applies to the specifications and design of five $5 silver coins, each of which must contain not less than 92.5% silver. This Determination sets the standard composition, weight, diameter, thickness, and design features of the coins, including the mandatory obverse and reverse designs. The Determination is in force from 13 September 1993, and it specifically addresses the design and specifications of these coins without affecting other currency determinations. While the Determination details the physical characteristics and design elements of the coins, it does not cover other aspects of currency beyond these five $5 coins. This legislation applies on a national level across Australia, as it is a Commonwealth Act, thereby ensuring uniformity in the design and specifications of the coins throughout the country. The Determination does not provide for any exclusions, exemptions, or thresholds beyond what is specified for the coins themselves. While the primary focus is on the coins themselves, the Currency Act 1965 may extend or restrict the application through subordinate instruments, allowing for further regulations or amendments concerning currency design and specifications.

Key Provisions

The Currency Determination No. 10 of 1993, made under the Currency Act 1965, specifies the design and composition of five $5 silver coins (Section 4). The coins must have a circular shape with milled edges and a standard weight of 35.790 grams, with a permissible variation of 0.63 grams (Sections 2(2) and 2(5)). The diameter of each coin is 38.90 millimetres and the thickness is 3.50 millimetres (Sections 2(6) and 2(7)). Each coin must contain not less than 92.5% silver (Section 4(1)). The obverse of each coin features an effigy of Queen Elizabeth II, along with the inscriptions "ELIZABETH II", "AUSTRALIA" and "1993" (Section 4(8)). The reverse side of each coin varies, depicting different historical figures and inscriptions. The first coin shows a male Aboriginal figure with the inscription "5 DOLLARS", the second depicts Abel Tasman with "5 DOLLARS" and "ABEL TASMAN", the third shows Captain James Cook with "5 DOLLARS" and "J. COOK", the fourth shows Matthew Flinders with "5 DOLLARS" and "M. FLINDERS", and the fifth shows William Lawson, Gregory Blaxland and William Charles Wentworth with "5 DOLLARS" and "W. LAWSON, G. BLAXLAND, W.C.WENTWORTH" (Sections 4(9) to 4(13)). Parties or entities governed by this Determination must adhere to the precise specifications and designs outlined for the $5 silver coins. This includes ensuring that the coins' physical attributes and inscriptions align with the prescribed standards to maintain the integrity and recognisability of the currency. Any breach of this Determination could result in legal consequences, though specific penalties are not detailed in the text. However, under the Currency Act 1965, unauthorised minting or alteration of currency can lead to significant penalties, including substantial fines and imprisonment. The precise penalties would be subject to the specific provisions of the Currency Act and any related case law or regulatory guidelines.