Currency Determination No. 5 of 1996

Overview

The Currency Determination No. 5 of 1996 was made under the Currency Act 1965 by the Assistant Treasurer, acting for the Treasurer, to specify the designs and compositions of new $1 silver coins. This legislative instrument aimed to address the need for new coin designs that reflect Australian culture and heritage, as well as to provide a commemorative coin that meets the criteria for precious metal coins. The determination does not affect any other determination of the specifications or design of a coin and sets out the specifications and design for three different $1 silver coins, each with a different reverse design. The policy objective appears to be to promote Australian culture and heritage through coin designs while also providing a commemorative coin that meets the criteria for precious metal coins.

Scope and Application

The Currency Determination No. 5 of 1996, made under subsection 13A (1) of the Currency Act 1965, applies specifically to the specifications and design of a $1 silver coin. This determination sets out the precise details such as the shape, weight, diameter, thickness, and inscriptions on both the obverse and reverse sides of the coin, ensuring the coin meets a standard composition of at least 99.9% silver. The determination does not affect any other coin specifications or designs, thereby maintaining a clear delineation within the legislative framework of currency design. Geographically, the application of this determination is aligned with the national jurisdiction of Australia, as it pertains to the legal framework governing currency within the Commonwealth. This determination extends to the physical attributes and artistic depictions mandated for the coin, with no stated exclusions or exemptions in the provided text. While the determination itself does not extend application through subordinate instruments, the Currency Act 1965 may include provisions for further regulations or specifications under different legislative instruments.

Key Provisions

The Currency Determination No. 5 of 1996 (sections 4, 5, and 6) lays out the specifications and designs for three distinct $1 silver coins. Each coin must be circular in shape with a milled edge, and must weigh 31.635 grams with a permissible variation of up to 0.5 grams. The diameter of each coin is 40.6 millimetres, and the thickness is 4.00 millimetres. All three coins bear an effigy of the Queen on the obverse along with the inscriptions "ELIZABETH II", "AUSTRALIA", and "1 DOLLAR". The reverse of each coin varies, featuring either a kookaburra and its young in the hollow of a tree, a kookaburra in flight with a gold cameo of Goya's "La Maja Desnuda", or a kookaburra in flight with a gold cameo of a panda and bamboo, all encircled by raised beads inside the rim of the coin. Each reverse design also includes the inscriptions "THE AUSTRALIAN KOOKABURRA 1 OZ. 999 SILVER" and the respective year of minting, 1996 or 1997. Under the Currency Determination No. 5 of 1996, the entities responsible for minting these coins must adhere to the specified physical characteristics and design elements. These specifications ensure uniformity and recognisability of the coins in circulation. Minting entities must ensure that the coins are composed of at least 99.9% silver, maintain the exact or allowable weight, and incorporate the prescribed designs and inscriptions on both the obverse and reverse sides of the coins. There are no explicit offences, penalties, or civil or criminal consequences outlined in the Currency Determination No. 5 of 1996 for breaches of the specifications and design requirements. However, any failure to comply with the stipulations set forth in this Determination could potentially lead to legal repercussions under broader currency laws or related legislative provisions. For instance, producing or circulating coins that do not meet the mandated standards might attract penalties under the Currency Act 1965 or other applicable legislation. The specific penalties for such breaches would depend on the particular laws violated and the severity of the breach.