Currency Determination No. 1 of 1993

The central concepts are standard weight, allowable variation, composition (fineness), dimensions (diameter and thickness), design and denomination. Under cl 2 of the Determination, each coin type is defined by the conjunction of its denomination and these physical specifications.

Standard weight is the target mass set for each coin. For example, the one dollar kookaburra coin has a standard weight of 31.635 grams (cl 3). The gold coin standard weights decline with denomination from 1.571 grams (five dollar) up to 31.162 grams (one hundred dollar), reflecting a scale of gold bullion content approximating 1/20 troy ounce up to 1 troy ounce. The platinum twenty five dollar coin weighs 7.815 grams, which corresponds to 1/4 troy ounce. The source specifies a variation allowed from the standard weight for each coin: 0.500 grams for the one dollar silver coin, 0.015 grams for the five dollar gold coin, 0.022 grams for the fifteen dollar gold coin, 0.035 grams for the twenty five dollar platinum coin, 0.030 grams for the twenty five dollar gold coin, 0.040 grams for the fifty dollar gold coin, and 0.055 grams for the one hundred dollar gold coin. These tolerances reflect manufacturing limitations; any coin falling outside the allowable range would not meet the definition and would not be a coin of that denomination under the Currency Act.

Composition is expressed as minimum fineness: “not less than 99.9% silver” for the one dollar coin, “not less than 99.99% gold” for all five gold coins, and “not less than 99.95% platinum” for the twenty five dollar koala coin. The actual fineness used in minting must equal or exceed these thresholds. The wording does not require 99.9% exactly; it sets a floor.

Dimensions comprise diameter and thickness in millimetres, precisely stated in cls 4, 7, 10, 13, 16, 19 and 22.

Design includes shape (always circular), edge treatment (always milled), obverse (effigy of Queen, inscriptions of “ELIZABETH II AUSTRALIA” and the denomination), and reverse (specific artistic elements: a kookaburra with lizard in beak for the one dollar coin; a macropod species name, animal representation superimposed on a sunburst, the inscription “THE AUSTRALIAN NUGGET [weight] OZ 9999 GOLD” for gold coins; a koala on a branch with “¼ OZ 9995 PLATINUM” for the platinum coin; and a small eagle motif on all).

Denomination is the face value stamped on each coin: one dollar, five dollars, fifteen dollars, twenty five dollars, fifty dollars and one hundred dollars. This is the legal tender value, not the metal value.

The Determination directly affects the Royal Australian Mint, which is the Commonwealth entity that manufactures Australian coins. It sets the specifications that the Mint must meet when striking these particular collector coins. It does not impose obligations on private persons, but it indirectly affects coin dealers, bullion traders, investors and collectors who buy, sell or hold these coins.

For dealers and bullion traders, the Determination provides legal certainty that a coin meeting the specifications is an authorised coin of the Commonwealth. That status matters for legal tender recognition, for treatment under the Currency Act (which prohibits counterfeiting and unauthorised issues), and for any transaction that relies on the coin being a coin of the realm. A coin that fails any of the four defined attributes is not a coin of that denomination, and accordingly cannot be lawfully issued or treated as legal tender.

For investors and collectors, the Determination establishes the official benchmark against which authenticity is measured. A coin that matches the specified weight, composition, dimensions and design is prima facie genuine. A coin that deviates beyond the allowable variance may be counterfeit, defective, or an unofficial issue. The presence of a small eagle motif on the reverse of each coin is a security anti counterfeiting feature mandated by the instrument.

For persons who might use these coins as payment, the Determination is largely irrelevant because the metal content far exceeds the face value. No rational person would pay a $100 face value gold coin for $100 of goods when its gold content is worth many times that at market. The legal tender status is therefore nominal and practical use as currency is negligible. The main audience is the secondary bullion and numismatic market.

The Determination does not affect banks, retailers, or the general public in any practical way. No compliance burden falls on private actors. The only entity that must ensure conformity is the Mint.

The Determination does not create private duties or private rights. Its legal operation is to define what coins the Commonwealth may lawfully issue under the Currency Act 1965. The relevant duty is indirect: the Crown or its delegate (the Mint) must ensure that any coin issued as these denominations meets the specified composition, weight, dimensions and design. If the Mint issues a coin that does not comply, it is arguably not a valid coin of that denomination under the Act, and the issue may be unlawful.

There is no right conferred on a holder of such a coin to demand anything from anyone, other than the general legal tender right under the Currency Act. Section 16 of the Currency Act provides that coins issued under the Act are legal tender for payment of amounts not exceeding certain limits. For coins of denominations above $5, the legal tender limit is the face value of the coin (proclamation coins), but for coins of $1, $5, $15, $25, $50 and $100, the Determination is part of the authorisation chain. A holder of a compliant one dollar kookaburra coin could, in theory, use it to discharge a debt of one dollar, but the holder has no right to compel the Mint to buy it back or to exchange it for other currency.

The Determination also does not create any duty on the part of private persons to accept the coins, other than the limited legal tender obligations under the Currency Act (which are subject to contract and agreement).

There is no right of review, no compulsory acquisition, no licensing requirement, and no reporting obligation. The instrument is purely definitional.

The Determination itself contains no penalty provisions. It is made under the Currency Act 1965, which does contain penalty provisions for offences such as counterfeiting (s 13), unauthorised making of coins resembling authorised coins (s 14), and defacing coins (s 16A). Those penalties continue to apply independently. The Determination operates as a definitional boundary: a coin that purports to be, say, a 100 dollar macropod marsupial coin but fails to meet the specifications in cls 21, 22 and 23 is not an authorised coin. If it is produced with the intention of passing it off as an authorised coin, the maker may be charged under s 13 (counterfeiting) or s 14 (making coins without authority). The source does not specify the penalty amounts, but the Currency Act relevantly provides for imprisonment up to 10 years for counterfeiting.

Enforcement is a matter for the Commonwealth Director of Public Prosecutions, typically on investigation by the Australian Federal Police. For civil enforcement, the Determination gives no private right of action. A buyer of a coin that turns out to be non conforming may have remedies under contract law or the Australian Consumer Law against the seller, but not under this Determination.

The weight tolerances in the Determination are also relevant to enforcement. A coin that is within the allowable variation (e.g. 31.135 to 32.135 grams for the one dollar silver coin) is presumptively good. A coin outside that range is not an authorised coin, which may be relevant evidence in a prosecution or in a dispute about authenticity.

The Determiantion is made under the Currency Act 1965, specifically under the power to determine the weight, dimensions, design and composition of coins (see s 14 and s 17 of that Act). It operates subject to and within that Act. If the Currency Act were amended to remove the power to make such determinations, this instrument would lapse or need to be remade.

The Determination also interacts with the Acts Interpretation Act 1901. Clause 1 notes that the Determination commences on gazettal as per ss 46A and 48 of that Act. The instrument does not specify a date of effect beyond that.

The Determination amends Currency Determination No. 9 of 1992, which is itself a prior instrument under the same Act. The interaction is that the amended coin now has a different obverse legend, meaning the earlier specification is replaced. However, the effect on coins already issued under the earlier legend is not addressed. Presumably, coins minted before the amendment remain lawful as they were issued in conformity with the specification at the time. The amendment applies only prospectively to coins minted after it takes effect.

The Determination does not interact with state laws or with other Commonwealth laws such as the Competition and Consumer Act 2010 or the Criminal Code. It is a stand alone specification.

There is no interaction with international law, though the fineness standards (99.9%, 99.99%, 99.95%) align with common bullion coin fineness conventions worldwide. The platinum coin’s fineness is technically below 9999 but above 995.

The Determination itself is the only instrument sourced. Its citation is Currency Determination No. 1 of 1993. It was made on 16 February 1993 and was to commence on gazettal (the date not given in the source). It has not been amended by any subsequent instrument within the source text. However, it amends an earlier instrument: Currency Determination No. 9 of 1992. That amendment is contained in cl 24, which changes the obverse inscription of a coin defined in cl 2(4)(b) of the 1992 determination from “ELIZABETH II” to “ELIZABETH II AUSTRALIA”. The reason for the change is not stated. It may have been to align the coin’s legend with the standard legend used in later determinations (including those in this instrument, which all use “ELIZABETH II AUSTRALIA”). The amendment appears to be minor and cosmetic.

There is no information in the source about any subsequent amendment to this 1993 determination. Later currency determinations (e.g. for other bullion coins or for the change of monarch) would have been made separately and are not covered here.

The source does not provide any official statements, explanatory memoranda, or second reading speech. There is no indication of consultation or parliamentary scrutiny.

The source text does not mention any court cases that interpret or apply Currency Determination No. 1 of 1993 or the coins it defines. It is extremely unlikely that significant litigation exists, because the Determination is a set of technical specifications. Disputes about these coins would more likely arise in private contract claims (e.g. a buyer alleging a coin is not as described) rather than public law challenges. No Australian case law on this specific instrument is known and the source does not reference any.

Cases under the Currency Act concerning counterfeiting or unauthorised coins might reference the specifications in this Determination as the benchmark for whether a coin is genuine, but the text does not provide any such examples. Given the low face value disputable amounts and the prevalence of private grading, litigation is improbable.

Several aspects of the Determination invite caution for anyone dealing with these coins. First, the weight tolerances are generous relative to modern bullion coin standards. The one dollar silver coin allows 0.500 grams variation from 31.635 grams, which is about 1.58% of the standard weight. For a 1 troy ounce coin (31.1035 grams nominal), this means the Mint allowed coins that were slightly over or under the traditional ounce weight. A collector expecting an exact troy ounce might find that the coin weighs 31.135 grams, which is below 1 troy ounce. The silver fineness is only “not less than 99.9%”, not pure. This matters because secondary market premiums often depend on purity and weight precision.

Second, the design variations across the macropod series are not fully specified. Each gold coin reverse must bear “the name of a species of macropod marsupial” and “a representation of an animal of the species”. The Determination does not list which species are used or whether the design changes annually. A collector relying on this instrument to know the exact appearance of a 1993 issue may be disappointed; the design is described only generically. The source text does not define what “superimposed on a sunburst design” means precisely. This vagueness may lead to authentication disputes when comparing different years.

Third, the 25 dollar koala coin uses platinum at 99.95% fineness, not 99.99%. This is unusual; most bullion platinum coins are 99.95% (e.g. Canadian Maple Leaf). A buyer expecting 9999 platinum may find it is only 9995. The source is explicit: “not less that 99.95% platinum” (cl 2 definition, and the reverse inscription says “9995 PLATINUM”). This is not a flaw but a potential misunderstanding.

Fourth, the amendment in cl 24 changes the legend on a pre existing coin from “ELIZABETH II” to “ELIZABETH II AUSTRALIA”. This means there are two versions of the same coin: those minted before the amendment date with the shorter legend, and those after with the longer. The source does not specify which coin is amended; it only references the 1992 determination clause. A collector could own a coin that lacks the word “AUSTRALIA” and wonder if it is genuine. It is, provided it was minted before the amendment.

Fifth, the legal tender value is far below the metal value. For the one hundred dollar gold coin, the standard weight is 31.162 grams of 99.99% gold, which at 1993 gold prices (around USD 350 per troy ounce) had a metal value of roughly USD 350, well above AUD 100. By 2025, the gap is enormous. Using these coins as currency is uneconomical, but technically they remain legal tender for the face amount. A person could theoretically try to discharge a debt of $100 with a coin worth thousands of dollars. A creditor might refuse, and the legal tender laws would then need to be tested.

Since the Determination imposes no obligations on private persons, there is no compliance task for the general public. For the Royal Australian Mint, compliance means ensuring that each coin struck and issued as these denominations meets the specifications in clauses 3 through 23. This includes:

• Ensuring the silver, gold or platinum used meets the minimum fineness stated (99.9%, 99.99% or 99.95%).
• Striking each coin to within the specified standard weight and allowable variation.
• Ensuring the diameter and thickness are within the stated dimensions (no tolerance is given for dimensions; they appear to be absolute, although in practice manufacturing tolerances would be very small).
• Ensuring the design elements are present: shape circular, edge milled, obverse with effigy of the Queen and inscriptions exactly as those specified (including “ELIZABETH II AUSTRALIA” and the denomination), reverse with the specified motifs and inscriptions (including the text exactly as drafted, the small eagle motif, and the year).

For a private buyer or seller, compliance verification involves checking the coin against the Determination. A digital calliper, a precision scale, and a magnifying glass are the basic tools. The weight can be compared to the standard weight; if the coin is more than the allowable variation above or below, it is not an authorised coin. A coin that is within tolerance and matches the composition and design is presumptively genuine.

The Determination also provides that the coin must bear the specific text on the reverse. For the one dollar silver coin, the required text is “THE AUSTRALIAN KOOKABURRA 1 OZ 999 SILVER”. For the gold coins, the text is “THE AUSTRALIAN NUGGET [fraction] OZ 9999 GOLD” (where the fraction is a symbol image in the source text, but the wording in the Determination uses “(image.003.png)” etc., which is likely a pictogram of a fraction; the printed text would need to show “1/20 OZ” for the 5 dollar coin, “1/10 OZ” for the 15 dollar, “1/4 OZ” for the 25 dollar, “1/2 OZ” for the 50 dollar, and “1 OZ” for the 100 dollar). The platinum coin says “1/4 OZ 9995 PLATINUM”. A coin missing these words or with different wording is not compliant.

The small eagle motif must be present on all reverses. That is a security feature. Its design is not further specified, but any small eagle should suffice.

For dealers, best practice is to grade coins using the Determination as the reference standard and to document compliance when selling. Because the Determination does not mandate a particular design series or set years, any year can be issued as long as the specifications are met. The year inscription is required (cl 5(4)(c), etc.) but no limit is placed on the year. A coin from a later year is still an authorised coin if it otherwise conforms.

There is no requirement to register ownership, to report transactions, or to obtain a licence. Compliance is a one time design and manufacturing check, not an ongoing duty.