Currency Determination No. 4 of 1994

Overview

The Currency Determination No. 4 of 1994 was enacted under the Currency Act 1965, establishing the specifications and design for a $50 gold coin. This legislative instrument was introduced to formalise the specifications and design of a new coin denomination within the existing legislative framework, addressing the need for official documentation of new currency. The determination was made by Paul Elliott, the Parliamentary Secretary to the Treasurer, on behalf of the Treasurer. The Currency Act 1965 itself was enacted by the Parliament of Australia to provide for the issue and circulation of Australian currency and to enable the establishment of the specifications for new coins. The Currency Determination No. 4 of 1994 provides the detailed specifications for the $50 gold coin, including its weight, dimensions, composition, and both the obverse and reverse designs, ensuring consistency and compliance with the legal standards for Australian currency.

Scope and Application

The Currency Determination No. 4 of 1994, made under the Currency Act 1965, applies specifically to the design and specifications of a $50 gold coin, which includes a standard composition of not less than 99.99% gold. The determination details the coin’s physical attributes such as its circular shape, milled edge, and standard weight of 15.594 grams with a permissible variation of 0.040 grams. It also specifies the coin’s diameter of 25.10 millimetres and thickness of 2.40 millimetres, along with the design elements on both the obverse and reverse sides. This Determination is jurisdictional in scope, applying across the Commonwealth of Australia, and it does not affect any other determinations regarding the specifications or design of coins. It is important to note that this legislation extends its application through subordinate instruments, which may provide further detail or modifications to the coin’s design or specifications.

Key Provisions

The Currency Determination No. 4 of 1994, made under the Currency Act 1965, specifies the design and specifications of a $50 gold coin (Clause 4). The coin must be circular with a milled edge, and its standard weight is 15.594 grams, with a permissible variation of 0.040 grams. The coin's diameter is 25.10 millimetres, and its thickness is 2.40 millimetres. The coin must be composed of at least 99.99% gold. The obverse side of the coin features an effigy of Queen Elizabeth II, with inscriptions "ELIZABETH II", "AUSTRALIA", and "50 DOLLARS", all encircled by raised beads. The reverse side showcases a kangaroo superimposed on a sunburst design, with inscriptions "THE AUSTRALIAN NUGGET 1/2 OZ. 9999 GOLD", "1995", and Chinese characters meaning "fortune", also encircled by raised beads. Entities or individuals involved in the production, distribution, or use of this $50 gold coin must adhere to the specifications and design outlined in the Determination. This includes ensuring that the coin's weight, composition, diameter, thickness, and inscriptions meet the prescribed standards. The coin must be manufactured with the specific design elements as described, including the effigy of the Queen on the obverse and the kangaroo sunburst design on the reverse. The Determination does not specify any particular offences or penalties for breaches of its provisions, as it is primarily a specification document. However, any entity that produces or distributes coins that do not meet these specifications could potentially face legal consequences under other relevant legislation, such as the Counterfeit Goods Act 1994, which prohibits the production and distribution of counterfeit currency. Violations of these laws could result in substantial fines and imprisonment, depending on the severity and intent of the offence.