{"id":"F2005B02820","name":"Currency Determination No. 1 of 1998","slug":"currency-determination-no-1-of-1998","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":33034,"registerId":"commonwealth-F2005B02820-current","compilationNumber":null,"startDate":"2026-04-01","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Currency Determination No. 1 of 1998","content":"![](image.001.png)\n\nCurrency Determination No. 1 of 1998\n\nas amended\n\nmade under subsection 13A (1) of the\n\nCurrency Act 1965\n\nThis compilation was prepared on 28 March 2006 \ntaking into account amendments up to Currency Determination No. 6 of 1998\n\nPrepared by the Office of Legislative Drafting and Publishing, \nAttorney‑General’s Department, Canberra\n\nContents\n\n1 Citation \\[see Note 1\\]\n\n2 Commencement\n\n3 Specifications of coins\n\n4 Application of Determination\n\nSchedule\n\nPart 1 Specifications of coins\n\nPart 2 Explanation of symbols\n\nNotes\n\n1 Citation \\[see Note 1\\]\n\nThis Determination may be cited as the Currency Determination No. 1 of 1998.\n\n2 Commencement\n\nThis Determination commences on 15 February 1998.\n\n3 Specifications of coins\n\nThis Determination specifies, for a coin having the denomination and standard composition specified in columns 1 and 2 of Part 1 of the Schedule, the standard weight, the allowable variation from that weight, the dimension and the design set out in columns 3, 4 and 5 of that Part.\n\n4 Application of Determination\n\nThis Determination does not affect any other determination of the specifications of a coin.\n\nSchedule\n\n(clause 3)\n\nPart 1 Specifications of coins\n\n```html\n

Column 1

Column 2

Column 3

Column 4

Column 5

Denomination (and nominal weight in ounces)

Standard
composition

Standard weight and allowable
variation (g)

Dimensions

Design

(1)
Diameter
(mm)

(2)
Thickness
(mm)

(1)
Shape

(2)
Edge

(3)
Obverse

(4)
Reverse

$5
(1/20 oz)

Not less than 99.99% gold

1.571 0.015

14.10

1.40

S1

E1

O1

R60

$15
(1/10 oz)

Not less than 99.99% gold

3.133 0.022

16.10

1.50

S1

E1

O1

R60

$25
(1/4 oz)

Not less than 99.99% gold

7.807 0.030

20.10

2.00

S1

E1

O1

R60

$50
(1/2 oz)

Not less than 99.99% gold

15.594 0.040

25.10

2.40

S1

E1

O1

R60

$100
(1 oz)

Not less than 99.99% gold

31.162 0.055

32.10

2.80

S1

E1

O1

R60

$200
(2 oz)

Not less than 99.99% gold

62.265 0.050

40.60

4.00

S1

E1

O1

R60

\n```\n\nPart 2 Explanation of symbols\n\n| Design Feature | Symbol | Explanation |\n| -------------- | ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| Shape | S1 | Circular |\n| Edge | E1 | Milled |\n| Obverse | O1 | A circle of raised beads, immediately inside the rim, enclosing:(a) the inscriptions:(i) “ELIZABETH II”; and(ii) “AUSTRALIA”; and(b) an inscription stating, in arabic numerals, the amount, in dollars, of the coin, followed by the word “DOLLARS”;that, in turn, surround an effigy of the Queen. |\n| Reverse | R60 | A circle of raised beads, immediately inside the rim, enclosing the inscriptions:(a) ‘THE AUSTRALIAN NUGGET X OZ. 9999 GOLD’ (where ‘X’ is the nominal weight, in ounces, of the coin expressed as a common fraction, or whole number, in arabic numerals); and(b) ‘1998’ or ‘1999’;that, in turn, surround:(c) a representation of a joey kangaroo; and(d) either:(i) for a coin dated 1998 — the inscription ‘P’; or(ii) for a coin dated 1999 — the inscription ‘P100’;superimposed on a sunburst design. |\n\n> Notes to the Currency Determination No. 1 of 1998\n\n> Note 1\n\n> Note: The Currency Determination No. 1 of 1998 (in force under subsection 13A (1) of the Currency Act 1965) as shown in this compilation is amended as indicated in the Tables below.\n\n> Note: > Note: Table of Instruments\n\n| Title | Date of notificationin Gazette | Date ofcommencement | Application, saving ortransitional provisions |\n| ------------------------------------ | --------------------------------------- | ------------------- | --------------------------------------------- |\n| Currency Determination No. 1 of 1998 | 11 Feb 1998 (see Gazette 1998, No. GN6) | 15 Feb 1998 | |\n| Currency Determination No. 6 of 1998 | 4 Nov 1998 (see Gazette 1998, No. GN44) | 16 Oct 1998 | — |\n\n> Note: > Note: Table of Amendments\n\n```html\n

ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted

Provision affected

How affected

Schedule

Schedule.............

am. 1998 No. 6

\n```","sortOrder":0}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The legislation remains tightly focused on its original purpose: specifying the physical characteristics of a particular series of gold bullion coins. The amendment history shows only one technical amendment (Currency Determination No. 6 of 1998) which appears to have updated the Schedule specifications, without expanding the scope beyond coin specifications."},"complexity_factors":["Very short document (6 operative clauses/sections)","No defined terms requiring interpretation — all specifications are literal measurements","Single cross-reference (to the Currency Act 1965 empowering provision)","Tabular format makes specifications immediately readable","No conditional logic, exceptions, or nested provisions","Design symbols (S1, E1, O1, R60) are explicitly defined in Part 2"],"plain_english_summary":"This is a technical regulation that sets out the exact physical specifications for a series of Australian gold coins called 'The Australian Nugget'. It covers six denominations: $5, $15, $25, $50, $100, and $200.\n\n**What it does:**\n- Specifies how heavy each coin must be (in grams), and how much the weight can vary\n- Sets the exact diameter and thickness of each coin\n- Dictates what the coins are made of (at least 99.99% pure gold)\n- Describes the design in precise detail — including the Queen's portrait on the front (obverse), a kangaroo joey on the back (reverse), and specific wording that must appear\n\n**Who it affects:**\n- The Royal Australian Mint (which manufactures the coins)\n- Collectors and investors who buy these gold coins\n- Anyone who needs to verify if a coin is genuine legal tender\n\n**Why it matters:**\nWithout these specifications, there would be no official standard for what counts as a legitimate Australian gold coin. This ensures consistency, prevents counterfeiting, and gives buyers confidence that their investment-grade gold coins meet strict quality standards. The coins are legal tender (you could technically spend a $200 gold coin at the shops), though their gold content makes them far more valuable than their face value."},"flash_summary":{"complexity_score":2,"scope_assessment":{"changed":false,"description":"The Determination remains narrowly focused on prescribing technical and design specifications for a set of Australian gold coins. The later amendment (Currency Determination No. 6 of 1998) altered entries in the Schedule but did not broaden the subject matter beyond specifying coin characteristics under the Currency Act. There is no expansion into other regulatory fields, nor introduction of new regulatory powers — the instrument continues to perform its original, narrowly defined function (see clause 3 and Schedule)."},"complexity_factors":["Short instrument: 4 operative clauses (Citation, Commencement, Specifications, Application) plus a Schedule","Schedule lists specifications for 6 denominations ($5, $15, $25, $50, $100, $200)","Numeric specifications for each coin include weight (with tolerance), diameter, thickness and composition — straightforward data table","Part 2 provides a small symbol glossary (S1, E1, O1, R60) explaining shape, edge, obverse and reverse — limited cross-referencing","One conditional design detail (different reverse inscription/mint mark depending on coin date: 1998 vs 1999)","Single external cross-reference to enabling power (subsection 13A(1) of the Currency Act 1965)","Amendment history limited to one amending Determination (No. 6 of 1998) affecting the Schedule — no layered exceptions or nested conditions"],"plain_english_summary":"**What this instrument does (mechanically)\n\n- This Determination sets the exact physical specifications for a small range of Australian gold coins (denominations and designs listed in the Schedule). It states composition, standard weight and permissible variation, diameter, thickness, shape, edge, and the obverse and reverse design features for each coin (clause 3; Schedule Part 1 and Part 2).\n\n- It is made under the authority granted by the Currency Act 1965 (see heading) and commences on the date shown in the instrument (clause 2).\n\n- The Determination is limited to specifying coin specifications and does not alter any other existing coin specifications (clause 4).\n\nWho this affects\n\n- The Mint (or other authorised producer): must manufacture the listed coins to the exact standards (weight tolerances, dimensions, shapes and inscriptions) in the Schedule (clause 3; Schedule Part 1).\n\n- Distributors, dealers and institutional purchasers of bullion coins (including banks, bullion dealers and numismatists): receive coins with the specified physical and design characteristics and will price and handle them accordingly.\n\n- Holders and purchasers of these coins (including investors buying for gold content): the coins are identified and marketed by denomination, fine gold content and date as set out in the design rules (Schedule Part 2).\n\nWhy it matters (stated purpose and practical effects)\n\n- Stated purpose: to prescribe the standard technical and design specifications for particular Australian gold coins so they can be produced and identified consistently (clause 3; Schedule).\n\n- Practical effects and implementation mechanisms:\n - The specification fixes exact gold purity (\"Not less than 99.99% gold\"), nominal weights (in ounces and grams with tolerances), diameters and thicknesses, and design elements such as inscriptions and mint marks (Schedule Part 1 and Part 2). That ensures consistent bullion content and recognisable legal-issue designs for these coins.\n - The design rules include a conditional detail: coins dated 1998 carry the mint mark \"P\", while those dated 1999 carry \"P100\" (Schedule Part 2, Reverse R60). This is an example where the date affects a design element.\n\nCosts, incentives and trade-offs (concrete mechanisms)\n\n- Who pays: the producing authority (the Mint) bears the direct manufacturing costs of meeting the tolerances and design requirements; buyers (investors/collectors) pay market prices that reflect bullion content plus minting/collectible premiums.\n\n- Compliance and production costs: higher gold purity and precise weight tolerances raise manufacturing precision and quality control requirements. These are concentrated costs for the producer rather than the general public.\n\n- Market effects: because the Determination fixes fine gold content and a recognisable design, it supports the coins' use as bullion/collectible products rather than as circulating change. The face value (denomination) is generally symbolic relative to intrinsic metal value; the Determination makes the metal content and date explicit on the coin (Schedule Part 2), which influences buyer behaviour (purchase for bullion or collectibility).\n\n- Concentrated benefits and diffuse costs: benefits (sales revenue, numismatic interest) accrue to the Mint and associated dealers (concentrated). Costs (manufacturing precision) fall primarily on the producer; any small change in distribution or pricing is diffuse across buyers.\n\n- Risks and unintended effects: implementation risk is low — the instrument is technical and prescriptive, and the Mint already operates to tolerances. A possible substitution effect is that investors may treat these coins as bullion investments rather than as currency, but the Determination does not regulate secondary-market prices or resale.\n\nHow decisions are made and what changes behaviour\n\n- Decision-making authority: the Determination is made under subsection 13A(1) of the Currency Act 1965 (instrument heading). It thereby prescribes legally recognised technical standards that the authorised producer must follow.\n\n- Behaviour change: authorised producers must manufacture to the specified standards; dealers and purchasers will identify and trade these coins according to their denomination, date and declared fine-gold content as required by the design rules.\n\nKey provisions to consult for detail\n\n- Clause 3 and the Schedule (Part 1) — exact weights, tolerances, dimensions and composition for each listed denomination.\n- Schedule Part 2 — explanation of symbols and the exact wording/placement of inscriptions (obverse and reverse), including the date-dependent mint mark.\n- Clause 4 — confirms the Determination does not supersede other coin specifications.\n\n(References in parentheses refer to the instrument: clause 2, clause 3, clause 4, Schedule Part 1 and Part 2.)"},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"}},"importantCases":[],"_links":{"self":"/api/acts/currency-determination-no-1-of-1998","history":"/api/acts/currency-determination-no-1-of-1998/history","analysis":"/api/acts/currency-determination-no-1-of-1998/analysis","conflicts":"/api/acts/currency-determination-no-1-of-1998/conflicts","importantCases":"/api/acts/currency-determination-no-1-of-1998/important-cases","documents":"/api/acts/currency-determination-no-1-of-1998/documents"}}