Currency Determination No. 8 of 1992

Overview

The Currency Determination No. 8 of 1992 is a legislative instrument made under the Currency Act 1965 by the Parliamentary Secretary to the Treasurer on behalf of the Treasurer. This Determination was introduced to establish the specifications and design of a new $5 silver satellite coin, which was to be issued into circulation on and after 5 September 1992. The objective of the Determination is to provide detailed information about the coin's physical attributes, including its weight, dimensions, composition, and design, to ensure consistency and legal tender status. This Determination serves to formalise the creation of the new coin and outlines the precise characteristics that the coin must meet to be recognised as legal tender under Australian law. The Currency Determination No. 8 of 1992 specifies that the $5 silver satellite coin is circular with a milled edge, composed of 92.5% silver and 7.5% other metal, weighing 35.79 grams with an allowable variation of 0.63 grams. The coin's diameter is 38.90 millimetres, and its thickness is 3.50 millimetres. The obverse side features an effigy of Queen Elizabeth II along with the inscriptions "ELIZABETH II AUSTRALIA" and "1992", while the reverse side showcases a depiction of a group of satellites in the form of the Southern Cross orbiting a globe that includes the Australian continent, accompanied by the inscription "5 DOLLARS". This Determination ensures that all $5 silver satellite coins issued meet these exact specifications and designs, thereby maintaining uniformity and legal validity as currency.

Scope and Application

The Currency Determination No. 8 of 1992, made under the Currency Act 1965, specifies the standards for a $5 silver satellite coin. This determination applies to any entity or individual involved in the production, distribution, or circulation of this particular denomination of coin within Australia. It sets out detailed specifications including the coin's shape, composition, weight, dimensions, and design. Notably, the coin's design on the reverse side features a representation of satellites in the form of the Southern Cross orbiting a globe that includes the Australian continent, along with the inscription "5 DOLLARS". This determination commenced on gazettal, as per the Acts Interpretation Act 1901. The determination does not explicitly state any exclusions or exemptions, but it does lay down strict parameters for the coin's specifications, which must be adhered to by any manufacturer or issuer of the $5 silver satellite coin within the Commonwealth of Australia.

Key Provisions

The main operative sections of this Determination, set out in clauses 3 to 7, specify the physical characteristics and design of the $5 silver satellite coin. Clause 3 sets the date from which these specifications apply, which is 5 September 1992. Clause 4 details the coin's shape, composition, weight, allowable weight variation, diameter, and thickness. Clause 5 specifies the coin's obverse and reverse designs, including the Queen's effigy, inscriptions, and the representation of satellites. The obligations and requirements imposed by the Act primarily pertain to the production and circulation of the $5 silver satellite coin. The coin must conform to the specifications outlined in clause 4, including the exact shape, composition, weight, dimensions, and design as described in clauses 5 and 6. Mints and other authorised entities responsible for producing these coins must adhere to these stringent specifications to ensure uniformity and compliance with legal standards. Any breach of the requirements set out in this Determination could result in serious legal consequences. While the Determination does not explicitly state penalties, violations of the Currency Act 1965, under which this Determination is made, could lead to civil or criminal liability. For example, producing or circulating coins that do not meet the specified standards could be considered an offence, potentially leading to fines or imprisonment as outlined in the Currency Act. The exact penalties would depend on the nature and severity of the breach, but they could include significant financial penalties or other sanctions as determined by relevant authorities.