Currency Determination No. 9 of 1992

Overview

The Currency Determination No. 9 of 1992 is a legislative instrument made under the Currency Act 1965, enacted to address the need for the minting of a new commemorative coin with a specific design and composition. This determination was made by Robert McMullan, the Parliamentary Secretary to the Treasurer, on behalf of the Treasurer. The Currency Act 1965 was introduced to provide for the issuance of legal tender currency in Australia and to regulate the currency system. The policy objective behind this determination is to introduce a new coin, the Australian Nugget, to commemorate a significant milestone or event, enhance numismatic interest, and serve as a collector's item while maintaining the integrity and standard of the currency. The design and specifications of the coin are detailed in the determination, ensuring it meets the legislative requirements for circulation and collectibility.

Scope and Application

The Currency Determination No. 9 of 1992 under the Currency Act 1965 applies to the design specifications of a $100 coin, which must contain not less than 99.99% gold. This legislation sets out the design elements of the coin, including its circular shape, milled edge, and specific inscriptions and imagery on both the obverse and reverse sides. The obverse side features an effigy of the Queen, the inscription "ELIZABETH II", and "100 DOLLARS", while the reverse side showcases "THE AUSTRALIAN NUGGET 1 OZ. 9999 GOLD", a representation of a macropod marsupial species, a year inscription, and Chinese characters meaning "fortune". The act applies nationally as it is a Commonwealth legislation, and its scope is limited to the design of the specified coin without affecting any other coin design determinations. The Determination is effective from the date of its gazette and does not introduce any exclusions, exemptions, or thresholds beyond the outlined design parameters.

Key Provisions

The Currency Determination No. 9 of 1992, under the Currency Act 1965, specifies the design for a $100 coin with a standard composition of at least 99.99% gold (section 2). The coin is circular in shape, with a milled edge (section 2(2) and (3)). The obverse side of the coin features an effigy of Queen Elizabeth II, the inscription "ELIZABETH II", and "100 DOLLARS", all encircled by raised beads (section 2(4)). The reverse side bears the inscription "THE AUSTRALIAN NUGGET 1 OZ. 9999 GOLD", a representation of a macropod marsupial along with its name, a sunburst design, the year of issue, and the inscription in Chinese characters meaning "fortune", again all encircled by raised beads (section 2(5)). This design determination is exclusive to the specified coin and does not affect any other coin designs (section 2(6)). This Determination imposes specific design requirements on the minting and issuance of the $100 gold coin. It mandates that the coin must be circular with a milled edge and must feature the prescribed inscriptions and images on both the obverse and reverse sides. The coin must also adhere to the specified gold composition standard of at least 99.99%. Minters and issuers must ensure compliance with these design specifications to legally produce and circulate this particular coin. Failure to comply with the design specifications set forth in this Determination can lead to legal consequences. Although the Determination itself does not explicitly outline penalties, breaches of design specifications in the production of currency could potentially be subject to penalties under the Currency Act 1965. For example, offences related to the unauthorised production of coins or the fraudulent use of currency might incur significant penalties, including fines and imprisonment, as outlined in other sections of the Currency Act. The exact penalties would depend on the specific nature and severity of the breach.