Currency Determination No. 3 of 1994

Overview

The Commonwealth of Australia Currency Act 1965 was enacted to provide for the issuing and circulation of Australian currency and to establish the standards for currency. Addressing the need for clearly defined specifications and design for Australian coins, the Currency Determination No. 3 of 1994, made under subsection 13A (1) of the Currency Act, was introduced by the Parliamentary Secretary to the Treasurer. This determination specifies the design and physical properties of the $1 coin, ensuring it meets certain standards such as composition, weight, and imagery. The objective of this determination is to maintain consistency and quality in the nation's currency, reflecting national identity and heritage through its design elements.

Scope and Application

The Currency Determination No. 3 of 1994, made under the Currency Act 1965, specifies the design and physical characteristics of the one-dollar coin which contains not less than 99.9% silver. This determination applies to the minting and issuance of the specified coin by entities within Australia and does not affect other coin specifications or designs. The coin is to be circular with a milled edge, weighing 31.635 grams with an allowable variance of 0.500 grams, and having a diameter of 40.60 millimetres and a thickness of 4.00 millimetres. The obverse of the coin features an effigy of Queen Elizabeth II, along with the inscriptions "ELIZABETH II", "AUSTRALIA", and "1 DOLLAR", all enclosed within raised beads. The reverse side includes a representation of two kookaburras on a tree branch, the inscriptions "THE AUSTRALIAN KOOKABURRA 1 OZ. 999 SILVER" and "1994", as well as a motif of the Australian team logo for the 1994 Commonwealth Games, similarly enclosed within raised beads. This legislation applies throughout Australia, ensuring uniformity in the specifications and design of the coin across the nation.

Key Provisions

The main operative sections of Currency Determination No. 3 of 1994 (clauses 1 to 9) set out the specifications and design of a $1 coin with a standard composition including not less than 99.9% silver (clause 4(1)). The coin is circular with a milled edge, weighing 31.635 grams with an allowable variation of 0.500 grams (clauses 4(2) and 4(3)). It has a diameter of 40.60 millimetres and a thickness of 4.00 millimetres (clauses 4(6) and 4(7)). The obverse of the coin features an effigy of the Queen, the inscriptions "ELIZABETH II", "AUSTRALIA", and "1 DOLLAR", encircled by raised beads (clause 4(8)). The reverse showcases a representation of two kookaburras perched on a branch, the inscriptions "THE AUSTRALIAN KOOKABURRA 1 OZ. 999 SILVER" and "1994", and a small motif of the logo of the Australian team for the 1994 Commonwealth Games, also encircled by raised beads (clause 4(9)). The Currency Determination imposes specific obligations and requirements on the entities involved in the minting and issuance of the $1 coin. It mandates the adherence to the set specifications, including the composition, shape, weight, diameter, thickness, and design elements of both the obverse and reverse of the coin. The entities must ensure that the coin's composition includes not less than 99.9% silver, and the weight must be within the allowable variation of the standard weight. The design elements, including the effigy of the Queen, the inscriptions, and the kookaburra and Commonwealth Games motif, must be accurately and precisely reproduced as specified. The Currency Determination does not explicitly state any offences, penalties, or consequences for breach. However, under the Currency Act 1965, breaches of the Act or any legislative instrument made under it could lead to civil or criminal penalties. Such penalties could include fines and imprisonment, depending on the nature and severity of the breach. The specific penalties would be determined in accordance with the relevant sections of the Currency Act 1965 and any other applicable laws.