Currency Determination 1999 (No. 3)
I, JOE HOCKEY, Minister for Financial Services and Regulation, make this Determination under subsection 13A (1) of the Currency Act 1965.
Dated 25 August 1999.
JOE HOCKEY
Minister for Financial Services and Regulation
Currency Determination 1999 (No. 3)
made under the
Currency Act 1965
Contents
Page
1 Name of Determination
2 Commencement
3 Specification of coins
4 Application of Determination
Schedule 1
Part 1 Specifications of coins
Part 2 Explanation of symbols
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1 Name of Determination
This Determination is the Currency Determination 1999 (No. 3).
2 Commencement
This Determination commences on gazettal.
3 Specification of coins
This Determination specifies, for a coin having the denomination and standard composition specified in columns 2 and 3 of Part 1 of Schedule 1, the standard weight, the allowable variation from that weight, the dimensions and the design specified in columns 4, 5 and 6 of that Part.
4 Application of Determination
This Determination does not affect any other Determination of the specifications of a coin.
Schedule 1
(section 3)
Part 1 Specifications of coins
Column 1 | Column 2 | Column 3 | Column 4 | Column 5 | Column 6 |
Item | Denomination (and, if relevant, nominal weight in ounces or kilograms) | Standard composition | Standard weight and allowable variation (g) | Dimensions | Design |
| | | | (1)
Diameter (mm) | (2)
Thickness (mm) | (1)
Shape | (2)
Edge | (3)
Obverse | (4)
Reverse |
101 | $20 | Bi‑metallic: (a) centre piece — 99.99% gold (b) surround — 99.9% silver | 13.40 ± 0.500 | 32.00 | 1.14 | S1 | E1 | O13 | R182 |
102 | $1
(1 oz) | Not less than 99.9% silver | 31.635 ± 0.500 | 40.60 | 4.00 | S1 | E1 | O1 | R183 |
Part 2 Explanation of symbols
Column 1 | Column 2 | Column 3 | Column 4 |
Item | Design Feature | Symbol | Explanation |
201 | Shape | S1 | Circular |
202 | Edge | E1 | Milled |
203 | Obverse | O1 | A circle of raised beads, immediately inside the rim, enclosing: (a) the inscriptions: (i) ‘ELIZABETH II’; and (ii) ‘AUSTRALIA’; and (b) an inscription stating, in Arabic numerals, the amount, in dollars or cents, of the denomination of the coin, followed by the word ‘DOLLAR’, ‘DOLLARS’ or ‘CENTS’, as the case requires; that, in turn, surround an effigy of Queen Elizabeth II. |
204 | Obverse | O13 | A silver annulus bearing the inscriptions: (a) ‘ELIZABETH II’; and (b) ‘AUSTRALIA’; and (c) ‘20 DOLLARS’; that, in turn, surround a gold disc bearing an effigy of Queen Elizabeth II. |
205 | Reverse | R182 | A silver annulus bearing a circle of raised beads, immediately inside the rim, enclosing the inscriptions: (a) ‘THIRD MILLENNIUM FIRST DAY’; and (b) ‘2000’; that, in turn, surround a gold disc bearing: (c) a satellite depiction of the Earth with: (i) the area to the left of the dateline in gold representing 1 January 2000, featuring the city of Gisborne in New Zealand, as the first official Millennium city, with a dot and its name; and (ii) the area to the right of the dateline pad‑printed to represent 31 December 1999; and (d) the inscription ‘P’. |
206 | Reverse | R183 | A circle, immediately inside the rim, enclosing the inscription: ‘AUSTRALIA 2000 1oz . 999 SILVER’; that, in turn, surrounds a depiction of the Earth in conjunction with the Sun and the Moon. The Earth is depicted as a pad‑printed gold insert with the Moon in the foreground and a silhouette of the Sun pad‑printed in the background. |
Overview
The Currency Determination 1999 (No. 3) was made under subsection 13A(1) of the Currency Act 1965 by Joe Hockey, the Minister for Financial Services and Regulation, on 25 August 1999. This legislative instrument was introduced to address the need to specify the standards and designs of particular coins in circulation, ensuring clarity and consistency in currency specifications. The Currency Determination 1999 (No. 3) outlines the specifications for the standard weight, allowable variation, dimensions, and designs for two specific coins, namely the $20 bi-metallic coin and the $1 one-ounce silver coin. This Determination does not affect any other coin specifications set by previous Determinations. The objective of this legislation is to provide precise specifications for newly minted coins, facilitating their identification, acceptance, and regulation within the financial system.
Scope and Application
The Currency Determination 1999 (No. 3) applies to the specifications of coins within Australia, particularly those with the denominations and standard compositions as outlined in the schedule. This Determination, made under the Currency Act 1965, does not affect any other Determination of the specifications of a coin. It specifically details the standard weight, allowable variations, dimensions, and design elements for certain coins, ensuring that they meet the prescribed standards. This Determination applies nationally across Australia and extends its application to any coins specified within its schedule. Any coins not explicitly mentioned in the Determination are not subject to its provisions, allowing for flexibility in the minting of future coins. The Determination also allows for the specifications to be updated or expanded through subordinate instruments, ensuring that the legal framework can adapt to changes in currency design and composition over time.
Key Provisions
The Currency Determination 1999 (No. 3) outlines specific details about the issuance of two coins under the Currency Act 1965. The primary sections include the name of the determination (section 1), the date of commencement (section 2), the specification of coins (section 3), and the application of this determination (section 4). The specifications of the coins, including their denomination, composition, weight, dimensions, and design, are detailed in Schedule 1 of the determination.
The obligations imposed by this determination are primarily on the minting authorities responsible for producing these coins. They must adhere to the specifications provided, ensuring that the coins meet the standards set out in terms of material composition, weight, size, and design elements. For example, the $20 coin must be bi-metallic with a specific gold and silver composition, while the $1 coin must be made of at least 99.9% silver. Additionally, the designs, including the obverse and reverse sides, must follow the detailed descriptions provided, such as the inscriptions and the specific emblems.
Failure to comply with the specifications outlined in the determination can result in legal consequences. Although the determination itself does not explicitly state penalties, breaches of the Currency Act 1965, under which this determination is made, could lead to fines and other legal actions. The penalties for non-compliance with the Currency Act can include significant financial penalties and potential criminal charges, depending on the severity and intent of the breach. The exact penalties would be determined based on the specific provisions of the Currency Act and any relevant case law.