Currency Determination No. 4 of 1993

Overview

The Commonwealth of Australia Currency Act 1965 was enacted to provide a framework for the regulation and issuance of Australian currency, ensuring it meets the necessary standards for circulation and legal tender. This Act was introduced to address the need for a structured and legally binding mechanism for the design, production, and circulation of Australian currency, thereby maintaining the integrity and stability of the national monetary system. The Currency Determination No. 4 of 1993, made under the authority of the Currency Act 1965, specifies the detailed design and composition of a $2 coin, including its silver content, shape, weight, diameter, and inscriptions, ensuring its compliance with the legislative standards set forth by the Parliament of Australia. The policy objective behind this determination was to standardise the specifications and design of the $2 coin to facilitate its recognition and acceptance as legal tender within Australia.

Scope and Application

The Currency Determination No. 4 of 1993, made under the Currency Act 1965, governs the specifications and design of a $2 coin that must contain not less than 99.9% silver. This legislation applies to the physical characteristics and aesthetic details of the $2 coin, which includes its shape, weight, diameter, thickness, and both obverse and reverse designs. The coin is circular with a diameter of 50.3 millimetres and a thickness of 4.5 millimetres, with a standard weight of 62.770 grams, allowing for a variation of 0.5 grams. The obverse features an effigy of the Queen alongside inscriptions of "ELIZABETH II", "AUSTRALIA", and "2 DOLLARS", all encircled by raised beads. The reverse showcases a kookaburra perched on a tree stump, representations of two Australian flora, a depiction of the obverse of a coin issued in 1813 in the Colony of New South Wales (commonly known as "the Dump"), and inscriptions "THE AUSTRALIAN KOOKABURRA 2 OZ. 999 SILVER" and "1993", also encircled by raised beads. This Determination does not affect any other specifications or designs of coins.

Key Provisions

The Currency Determination No. 4 of 1993, made under subsection 13A(1) of the Currency Act 1965, specifies the design and specifications of a $2 coin. This coin has a composition that includes at least 99.9% silver, is circular in shape, and features alternating coarse milled and plain segments on its edge (sections 3(3) and 4(3)). The coin weighs 62.770 grams, with a permissible variation of 0.5 grams (sections 3(4) and 4(4)). It measures 50.3 millimetres in diameter and 4.5 millimetres in thickness (sections 3(6) and 4(6)). The obverse side displays an effigy of Queen Elizabeth II, alongside the inscriptions "ELIZABETH II", "AUSTRALIA", and "2 DOLLARS" (sections 3(8) and 4(8)). The reverse side showcases a kookaburra perched on a tree stump, two Australian flora representations, and two whales within a circle, along with the inscriptions "THE AUSTRALIAN KOOKABURRA 2 OZ. 999 SILVER" and "1993" (sections 3(9) and 4(9)). Both sides of the coin have their designs encircled by raised beads inside the rim (sections 3(8), 3(9), 4(8), and 4(9)). Entities and individuals involved in the production, distribution, or use of this $2 coin must adhere to the specifications and design outlined in the Currency Determination No. 4 of 1993. This includes ensuring that the coin’s composition, weight, diameter, thickness, and both obverse and reverse designs comply with the stated requirements. Any deviation from these specifications may result in non-compliance with the legislative provisions. Failure to comply with the specifications and design of the $2 coin as determined by the Currency Determination No. 4 of 1993 could result in legal consequences. While the determination itself does not explicitly state penalties, breaches of currency regulations generally attract penalties under the Currency Act 1965. These can include fines and imprisonment. The severity of the penalties depends on the nature and extent of the breach, as well as any additional provisions outlined in other relevant Australian laws.