Currency Determination No. 3 of 1996

Overview

The Currency Determination No. 3 of 1996, made by the Assistant Treasurer under the Currency Act 1965, was introduced to specify the characteristics and designs of particular commemorative coins. This legislative instrument was enacted to address the need for clear guidelines and specifications for the production of limited edition coins that hold numismatic value. The Currency Determination No. 3 of 1996 provides precise details about the specifications and designs of a $1 silver coin featuring a kookaburra and a $50 gold coin depicting a sunburst with kangaroos, both commemorating the year 1996. The policy objective behind these specifications is to ensure the authenticity and consistency of commemorative coins, preserving their value and appeal to collectors and the public.

Scope and Application

The Currency Determination No. 3 of 1996 applies under the authority of the Currency Act 1965, specifically relating to the specifications and design of two commemorative coins: a $1 silver coin and a $50 gold coin. This legislation is applicable nationally across Australia, as it falls under the Commonwealth's legislative jurisdiction. The determination specifies the physical characteristics and designs of these coins, including their material composition, weight, dimensions, and the inscriptions and imagery that must appear on both the obverse and reverse sides. Notably, the coins bear unique serial numbers and the date "23-9-96," signifying their issuance. While this determination sets out the detailed specifications for these particular coins, it does not affect any other determination of the specifications or design of other coins. Any further specification or design changes for coins would require a separate determination under the Currency Act.

Key Provisions

The Currency Determination No. 3 of 1996 (Clauses 4 and 5) specifies the design and specifications for two coins: a $1 silver coin and a $50 gold coin. The $1 silver coin must be circular, weighing 31.635 grams with a permissible variation of 0.500 grams, and have a diameter of 40.60 millimetres and a thickness of 4.00 millimetres (Clause 4). It must bear an effigy of the Queen, the inscriptions "ELIZABETH II", "AUSTRALIA", and "1 DOLLAR" on the obverse, and a representation of a kookaburra in flight, the inscriptions "THE AUSTRALIAN KOOKABURRA 1 OZ. 999 SILVER", and "1996" on the reverse, all encircled by raised beads (Clause 4(7) and (9)). The coin's edge should bear a number between 0001 and 1500 and the inscription "23-9-96" (Clause 4(3)). The $50 gold coin, similarly, must be circular, weighing 15.594 grams with a permissible variation of 0.040 grams, and have a diameter of 25.10 millimetres and a thickness of 2.40 millimetres (Clause 5). It must bear an effigy of the Queen, the inscriptions "ELIZABETH II", "AUSTRALIA", and "50 DOLLARS" on the obverse, and a representation of two kangaroos superimposed on a sunburst design, the inscriptions "THE AUSTRALIAN NUGGET OZ. 9999 GOLD", and "1996" on the reverse, all encircled by raised beads (Clause 5(8) and (9)). The coin's edge should bear a number between 001 and 500 and the inscription "23-9-96" (Clause 5(3)). The Currency Determination No. 3 of 1996 imposes specific obligations on the minting of these coins to ensure they meet the outlined specifications and designs. Mints must adhere to the prescribed weight, diameter, thickness, edge inscriptions, and design elements on both the obverse and reverse of the coins. For the $1 silver coin, this includes ensuring the standard weight is 31.635 grams with an allowance for a variation of up to 0.500 grams, while for the $50 gold coin, the standard weight is 15.594 grams with a permissible variation of up to 0.040 grams (Clauses 4(4) and 5(4)). Both coins must also feature the required inscriptions and designs, including the effigy of the Queen, the relevant monetary value, the year of minting, and the precious metal content (Clauses 4(7), 4(9), 5(8), and 5(9)). Additionally, the coins' edges must bear a unique serial number and the date "23-9-96" (Clauses 4(3) and 5(3)). Breaches of the Currency Determination No. 3 of 1996 could result in legal consequences. The Currency Act 1965, under which this Determination was made, includes provisions for offences related to counterfeiting or altering coins, which could attract criminal penalties. Such offences might include fines and imprisonment, though the specific penalties are not detailed within this Determination. It is also possible that the Royal Australian Mint or any other entity failing to comply with the specified design and composition requirements could face civil actions for breach of contract or misrepresentation if their coins do not meet the standards set out in this Determination. The precise penalties and consequences would depend on the context and the nature of the breach.