Currency Determination No. 4 of 1996

Overview

The Currency Determination No. 4 of 1996 is a legislative instrument made under the Currency Act 1965 by the Assistant Treasurer, acting for the Treasurer. This Determination was introduced to establish the specifications and designs of five $5 silver coins, which include not less than 92.5% silver and 7.5% other metal. Each coin features specific details such as weight, diameter, thickness, and both obverse and reverse designs, celebrating various Australian cultural icons including Tom Roberts, Henry Lawson, Dame Nellie Melba, a stockman, and horse racing. The Determination came into effect on 27 September 1996 and does not alter any other determinations regarding coin specifications or designs. The enacting body for this Determination is the Commonwealth of Australia, specifically under the authority granted by subsection 13A(1) of the Currency Act 1965. The policy objective appears to be the commemoration and celebration of significant Australian figures and cultural elements through the minting of commemorative coins.

Scope and Application

The Currency Determination No. 4 of 1996, made under the Currency Act 1965, specifies the characteristics and designs of five $5 silver coins. The Determination sets out the specifications, including the composition of the coins, which must contain at least 92.5% silver and 7.5% other metal, along with their physical dimensions and weight. It applies to the minting and issuance of these particular $5 coins and does not affect other coin specifications or designs. The coins themselves feature distinct reverse designs, each commemorating significant Australian figures and themes, with the obverse bearing a common effigy of Queen Elizabeth II and inscriptions identifying the coin's denomination, country, and year of issue. This Determination operates nationally and is part of the broader framework of Australian currency regulation, with no exclusions or exemptions mentioned within the text.

Key Provisions

The Currency Determination No. 4 of 1996, made under the Currency Act 1965, sets forth the specifications and designs for a series of $5 silver coins. The determination specifies that these coins must contain at least 92.5% silver, with the remainder being other metals, and must weigh a standard 35.79 grams, with an allowable variation of 0.63 grams (section 4). Each coin is circular in shape, has a milled edge, a diameter of 38.90 millimetres, and a thickness of 3.50 millimetres (sections 2 and 3). The obverse of each coin must feature an effigy of Queen Elizabeth II, along with the inscriptions "ELIZABETH II", "AUSTRALIA", and "1996" (section 8). The reverse of each coin will have different designs commemorating notable Australians, including Tom Roberts, Henry Lawson, Dame Nellie Melba, a stockman, and a scene of horse racing, each accompanied by the inscriptions "5 DOLLARS" and the relevant name or activity (sections 9-13). This legislation imposes specific obligations on the minting and issuance of these coins. It mandates that the coins adhere to the outlined specifications and designs, ensuring consistency and recognisability in the series. The coins must feature precise inscriptions and depictions that reflect the cultural and historical significance of the commemorated individuals and activities. Additionally, the coins must be produced in compliance with the weight and material composition standards set forth, ensuring their quality and value. The determination does not explicitly state any penalties for non-compliance with the specifications and designs. However, breaches of the Currency Act 1965, under which this determination is made, could result in criminal and civil penalties. Under the Currency Act, counterfeiting or falsely representing currency can lead to fines and imprisonment. The maximum penalties for such offences can include fines of up to $126,000 and imprisonment for up to 10 years, reflecting the seriousness of such breaches in the integrity of the nation's currency.