Currency Determination No. 5 of 1995

The core concept underlying this determination is that of an authorised Australian coin: a piece of metal that the Commonwealth government has declared to be legal tender under the Currency Act, with specified metal composition, weight, dimensions and design. This determination defines those parameters with considerable precision. “Standard composition” refers to the minimum purity of the precious metal. For the silver coin it is “not less than 99.9% silver”, for gold coins “not less than 99.99% gold”, and for the palladium coin “not less than 99.95% palladium”. These purity requirements create a legal standard that distinguishes these coins from other metal tokens or counterfeit pieces. “Standard weight” is the target mass for each coin, with a permissible “variation” or tolerance expressed in grams. For example, the $1 silver coin has a standard weight of 31.635 grams with a tolerance of 0.500 grams, meaning any coin weighing between 31.135 grams and 32.135 grams meets the specification. Tolerances are tighter for smaller gold coins and widest for the silver coin, reflecting the practical difficulties of striking precious metal blanks. The designs on obverse and reverse are prescribed in detail: all obverses bear an effigy of Queen Elizabeth II and the inscriptions “ELIZABETH II”, “AUSTRALIA” and the denomination. The reverse designs include specific graphic elements (kookaburra, emu, kangaroos, Chinese zodiac animals, Chinese characters). “Milled edge” means the edge is reeded or grooved, a standard feature to deter clipping and counterfeiting. The determination also introduces the concept of an optional mintmark: the inscriptions “P” or “P100” that may appear on certain coins to indicate they were struck at the Perth Mint. The Schedule table links each zodiac animal to a Roman calendar year, establishing which coin belongs to which year. For the $50 gold coins, three separate designs are authorised: one with the Chinese character “fok” (prosperity), one with “luk” (success), and one with “shu” (longevity). These are not different denominations but different legal variants of the same $50 coin. The determination does not prescribe mintages or any limit on the number of coins that may be produced. The coins described are bullion and numismatic issues, not intended for general circulation, but they are legal tender at their face values.

This determination has narrow direct practical effect. It primarily binds the Royal Australian Mint and the Perth Mint (which strikes the bulk of Australian bullion and collector coins) as the only entities authorised to produce Australian legal tender coins. The specifications and designs dictate every detail of the manufacturing process: the fineness of the metal to be purchased, the dies to be engraved, the blanks to be cut, and the striking press settings. The coin dealers and bullion traders who buy these coins from the Mint for resale to collectors and investors must be able to certify that the coins meet the specifications; a coin that deviates from the prescribed weight, purity or design is not an Australian legal tender coin and cannot be marketed as such. Collectors and investors are affected because the determination is the definitive source for authenticating these coins; any piece that does not match the description is either an error, a counterfeit, or a non‑Australia piece. Banks and financial institutions are theoretically affected because these coins are legal tender up to the limits in the Currency Act (which caps legal tender for coins of certain denominations), but in practice these coins circulate only in the secondary collectables market and are not deposited at banks. The determination does not affect the general public’s daily use of currency, because these coins are not intended for circulation and have a metal value far exceeding their face value. For example, the $1 silver coin contains one troy ounce of silver worth many times $1; hence it would be irrational to spend it at face. The determination also affects the Commonwealth government’s own balance sheet: the Mint issues these coins at a premium over the metal cost, generating seigniorage revenue that flows to consolidated revenue. The determination does not impose any duties on private citizens, nor does it restrict their ability to own or trade such coins. Clause 3 expressly provides that the determination does not affect any other determination of specifications, so other coin series (such as the circulating coinage or other commemorative coins) remain untouched. The main economic effect is to create a state‑sanctioned product that competes with private‑sector bullion bars and rounds. Because these coins are legal tender, they may receive favourable tax treatment in some jurisdictions (such as exemption from capital gains tax on Australian legal tender gold coins, depending on the relevant tax act). The determination therefore indirectly influences investment demand for Australian precious‑metal coins.

The determination itself does not create or impose duties on any person; it is a set of prescriptions that authorise the Mint to produce coins having those exact specifications. The only entity with a duty to comply is the Mint or any person who causes coins to be struck as Australian legal tender. If a coin does not meet the specifications in this determination, it is not a coin authorised under the Currency Act and therefore is not legal tender. The Mint therefore has a duty to ensure that every coin produced pursuant to this determination meets the required standard composition, weight (within tolerances), diameter, thickness, design and edge treatment. There is no duty on the public to accept these coins as legal tender, except as provided by the Currency Act (which generally requires unlimited acceptance for $5 and $10 coins but with caps for others). In practice, sellers are not compelled to take these coins because they are not ordinary currency. The determination confers a right: the public has the right to expect that any coin marketed as an Australian legal tender coin of these denominations conforms to these specifications. If a dealer sells a coin that does not match the described weight or purity, the buyer may have remedies under trade practices or consumer law, and the coin may be a counterfeit under the criminal provisions of the Currency Act. The determination also grants the Mint the right (and exclusive privilege) to produce coins having these designs, because only the Commonwealth may mint legal tender coins under the Currency Act. Private entities cannot lawfully produce identical coins or coins that could be mistaken for them. The determination does not grant any rights to private parties to use the effigy of the Queen or other design elements without authorisation; those are separately protected by intellectual property and prerogative rights. The determination does not create any property rights in the coins themselves; a person who lawfully owns a coin has full property rights subject only to the law of theft and the like. The determination also does not impose any reporting or notification duties on holders of these coins; there is no requirement to disclose ownership or to surrender them.

The determination contains no penalty provisions. Penalties for conduct related to these coins arise under the Currency Act 1965 and the Criminal Code. The Currency Act makes it an offence to deface, counterfeit or fraudulently alter Australian coins. For example, section 16 of the Currency Act prohibits making a counterfeit of an Australian coin, which would include a coin purporting to be one of the coins described in this determination that does not meet the specifications or is made without authority. The maximum penalty is imprisonment for 10 years, consistent with Commonwealth counterfeit‑currency offences. The specification details in this determination become critical evidence in such prosecutions: the prosecution must prove that the alleged counterfeit does not match the standard composition, weight or design prescribed. Enforcement is carried out by the Australian Federal Police, the Australian Border Force (for importation of counterfeit coins) and the Mint’s own security staff. There is also civil enforcement possible: if someone produces or sells coins that infringe the design or markings but do not amount to counterfeiting (for example, using the Queen’s effigy without authorisation on a private medal), that may be a breach of the Crown’s prerogative rights and could be restrained by injunction. The determination itself does not authorise any private right of action; a person who buys a coin that does not meet the specifications may sue the seller for breach of contract or misleading conduct under the Australian Consumer Law, but that is not an enforcement of the determination. The determination is silent on what happens to coins that deviate from specifications but are still made by the Mint; presumably those are not issued or are destroyed. The tolerance ranges provide a safe harbour: a coin within the variation is compliant; one outside is not and should not be released. The Mint internally enforces these standards through quality control, and if substandard coins leak into the market the Mint may recall or exchange them. The amendment allowing optional mintmarks (clause 15) means that a coin without the “P” mintmark is still a valid coin; the mintmark is not required. Enforcement against behaviour such as melting coins or exporting them is governed by other laws (the Currency Act prohibits melting coins with intent to destroy legal tender, but these bullion coins are often melted privately). In practice, enforcement risk is minimal for ordinary holders; it is concentrated on counterfeiters and those who would fraudulently alter the coins to increase their weight or gold content.

This determination is made under subsection 13A(1) of the Currency Act 1965. As a legislative instrument, it is subordinate to the Act but has the same legal force as the Act in defining what constitutes an authorised coin of the denominations it covers. The determination amends the Schedule of the Currency Act by adding the $40 palladium denomination; that amendment is direct and permanent unless a later instrument revokes it. The determination does not affect any other determination of coin specifications (clause 3), so other coin series (such as the circulating $2, $1, 50c coins, or other commemorative coins made under different determinations) remain valid and unaffected. The determination interacts with the Australian Charities and Not‑for‑profits Commission Act and taxation legislation in that the coins it describes are treated as investment gold bullion for goods and services tax (GST) purposes. For instance, under the A New Tax System (Goods and Services Tax) Act 1999, the supply of investment gold (including legal tender gold coins of at least 99.5% fineness) is input‑taxed. Because the gold coins in this determination are 99.99% fine gold, they qualify. The silver and palladium coins may have different GST treatment depending on fineness and whether they are classified as investment precious metal. The determination also interacts with the Corporations Act 2001 and Australian Securities and Investments Commission regulation if these coins are offered as part of managed investment schemes or as investment products. The coins themselves are not financial products, but schemes involving their sale or lease may be. The determination interacts with the National Consumer Credit Protection Act only marginally. More importantly, the determination interacts with the law of legal tender. The Currency Act provides that coins issued under the Act are legal tender for the payment of any amount if not melted or defaced. However, the determination does not affect the limits on legal tender for different denominations; for example, under the Currency Act, $5 and $10 coins are legal tender for any amount, but coins of 5c, 10c, 20c and 50c are legal tender only for sums not exceeding $5. Since the coins here are of denominations $1 and above, they are legal tender for any amount, but in practice no one would tender a $100 gold coin worth many times its face value. The determination also interacts with state and territory fair‑trading laws; a dealer who misrepresents a coin as meeting these specifications when it does not may be liable for misleading or deceptive conduct under the Australian Consumer Law (Schedule 2 of the Competition and Consumer Act 2010). Because the determination sets out with precision the weight, purity and design, it becomes the benchmark for authenticity in the numismatic market. Finally, the determination interacts with export controls: the Customs Act 1901 and Regulations may require permits for exporting certain quantities of precious metal coins, but the determination itself does not regulate trade.

The determination was originally made on 25 October 1995 and notified in the Commonwealth Gazette on that day (Gazette 1995, No. GN42). It commenced on 25 October 1995. The only amendment occurred via Currency Determination No. 6 of 1998, which was notified in the Gazette on 4 November 1998 (Gazette 1998, No. GN44) but commenced on 16 October 1998, a date slightly earlier than its gazettal. This amendment inserted clause 15 (Additional design specification) into the determination. Clause 15 applies to the Chinese zodiac series coins under clauses 6 ($5 gold), 7 ($15 gold), 8 ($25 gold), 10 ($50 gold) and 14 ($100 gold). It provides that for coins dated 1999, the reverse may bear the features described in the relevant subclause with or without the inscription “P100”; for coins with any other date, the reverse may bear the features with or without the inscription “P”. This was presumably to allow the Perth Mint the flexibility to strike coins for different markets or years with or without the mintmark, or to correct omissions. The amendment was straightforward and did not repeal or alter any other clause. There is no evidence of any other amendments. The compilation notes indicate that the determination was prepared as at 28 March 2006, and no further amendments have been made since 1998. The determination remains current as at the date of this analysis. The amendment history is extremely lean, which is consistent with a technical instrument that defines physical specifications rather than a complex regulatory scheme. The lack of amendments suggests that the coin program ran its course without the need for changes to weights, purities or designs, and that the optional mintmark issue was resolved early. The Schedule of animals and years was not amended; the 12‑year zodiac cycle would naturally cover the years 1996-2007, after which the determination would cease to be used for new coin issues unless a later determination extended the series. There is no provision in the determination for its expiry or sunset. It is still in force and could be used to mint additional coins of the prescribed specifications even after the years listed, if the Mint chose to reissue past dates.

There are no reported cases citing or interpreting Currency Determination No. 5 of 1995. This is unsurprising for a legislative instrument of this nature. Litigation over coin specifications is rare in Australia. The determination could become relevant in a criminal prosecution for counterfeiting, where the accused might challenge whether the seized coins matched the specifications, or whether the determination was validly made. There are no known such cases in the public record. The determination could also be relevant in a civil dispute over a coin transaction, for instance where a buyer alleged that a coin sold as “Australian Legal Tender” was not in fact authorised because it failed to meet the prescribed weight or purity. No such reported case exists. The absence of litigation does not mean the determination has no legal significance; it means its provisions have been accepted as clear and undisputed. The determination’s primary function is to set technical standards, and those standards are enforced internally by the Mint rather than through courts. If litigation were to arise, the determination would be interpreted according to ordinary principles of statutory construction for legislative instruments. The courts would give the words their ordinary meaning, with reference to the design descriptions (such as “representation of two kangaroos, superimposed on a sunburst design”) to determine if a particular coin matches. Such questions are factual and would likely be resolved by expert evidence from the Mint or numismatic experts. There is no indication that the determination has been challenged on constitutional grounds (it is a valid exercise of the Commonwealth’s power under the currency head of power, section 51(xii) of the Constitution). The determination has not been the subject of judicial review under the Administrative Decisions (Judicial Review) Act 1977, likely because it is a legislative instrument rather than a reviewable decision. The only conceivable litigation context would be if the determination were alleged to be ultra vires the Currency Act, but the specification of coin designs and denominations is squarely within the power granted by subsection 13A(1). In summary, the litigation history is a blank slate, which itself is notable because it suggests the instrument is uncontroversial and clearly drafted.

Several aspects of this determination may trap the unwary. First, the $1 silver coin weighs 31.635 grams, which corresponds to one troy ounce (31.1035 grams) of silver plus an allowance for alloy? The standard composition says “not less than 99.9% silver”, so the actual silver content is at least 31.635 × 0.999 = 31.603 grams, slightly more than a troy ounce. But the reverse inscription says “1 OZ. 999 SILVER”, which is a nominal weight, not the legal weight. A buyer relying on the inscription might expect exactly 1 troy ounce, but the legal specification allows a coin weighing up to 32.135 grams, giving a silver content exceeding 1 troy ounce. Conversely, a coin at the low end of the tolerance (31.135 grams) would contain 31.104 grams of silver, still slightly above 1 troy ounce. The legal weight is not the same as the advertised weight. Second, the determination authorises multiple $50 gold coins with different reverse designs (clauses 10, 11, 12, 13). A purchaser who buys a $50 gold coin without specifying which design they want may receive any one, because all are equally authorised. The determination does not require the Mint to distinguish them by date or serial number. Third, the optional “P” or “P100” mintmark (clause 15) means that some coins in the zodiac series may lack the mintmark entirely. Collectors who value mintmarks may pay premiums for coins with the mark, but the determination confirms that a coin without the “P” is still a valid Australian legal tender coin. Fourth, the thickness specifications are surprisingly precise (e.g., 1.40 mm for the $5 gold coin, 4.00 mm for the silver coin). However, the determination does not provide any tolerance for thickness, unlike weight. A coin that is 1.50 mm thick instead of 1.40 mm would arguably not comply with the specification, and therefore would not be a legal coin, even if the weight is within tolerance. The Mint must control thickness precisely. Fifth, the obverse inscription includes “1 DOLLAR” for the silver coin but “5 DOLLARS” (plural) for others. This inconsistency is as drafted; it is not an error. The $1 coin uses the singular; all others use the plural. Sixth, the $40 palladium coin was the only Australian coin struck in palladium at the time; its fineness is “not less than 99.95%” while the gold coins are “99.99%”. The lower palladium standard may affect its classification as investment precious metal under tax law. Seventh, the determination does not specify a date for the $1 silver coin other than “1996” on the reverse. It does not authorise a 1995 version. The $40 palladium coin reverse allows “1995” or “1996”. Eighth, the Schedule of animals runs from 1996 to 2007, but the determination does not stop at 2007; new coins could be added by later amendments but have not been. Finally, the “image.002.png” references in the source are placeholders; the actual coins would have the fraction “1/20 OZ” etc. The determination uses the symbol “” but the text reveals it specifies “ OZ 9999 GOLD”. This was likely a rendering of a fraction (e.g., 1/20, 1/10, 1/4, 1/2, 1). The legal inscription is whatever the image shows, which could be ambiguous.

Compliance with this determination is primarily a matter for the Royal Australian Mint or any authorised producer (in practice, the Perth Mint under delegation). For a Mint striking these coins, the manufacturing process must adhere to every parameter set out in the relevant clause. The Mint must source metal meeting the minimum fineness: for gold, at least 99.99% pure gold; for silver, at least 99.9% pure; for palladium, at least 99.95% pure. The blanks must be struck to the correct weight within the allowed variation, using calibrated weighing equipment. The diameter and thickness must be verified with micrometers or callipers to ensure exact compliance (remembering that thickness has no tolerance stated in the determination, so the Mint must interpret what constitutes compliance; presumably a very narrow tolerance is used internally). The edge must be milled, not plain or lettered. The obverse die must include an effigy of the Queen and the prescribed inscriptions exactly as written, including the punctuation and spacing implied by the description “all encircled by raised beads inside the rim”. The reverse die must reproduce the specific graphic elements: for the kookaburra coin, a kookaburra in flight and a smaller mace from Basel’s coat of arms; for the emu coin, an emu in a patch of grass with 5 eggs; for the kangaroo coins, two kangaroos superimposed on a sunburst design with the appropriate Chinese symbol in a Chinese‑style seal border; for the zodiac coins, the correct animal and its Chinese character, the corresponding year inscribed vertically, and the fractional troy ounce inscription (e.g., “1/20 OZ 9999 GOLD”). The optional mintmark may be added only as allowed by clause 15, and only for coins under clauses 6,7,8,10 and 14; the three specific $50 gold coins under clauses 11,12,13 do not receive the mintmark option. For the general public, compliance requires nothing. However, for a dealer or collector claiming that a coin is an Australian legal tender coin described in this determination, they should verify that the coin matches the specifications exactly. Any deviation in weight beyond the tolerance, or in design, would mean the coin is not an authorised coin and may be counterfeit or an unofficial piece. The safest course for a buyer is to purchase from an authorised Mint distributor or obtain a certificate of authenticity from the Mint. For a bank or financial institution handling these coins as legal tender, there is no obligation to verify compliance, but if a coin appears obviously non‑compliant (e.g., wrong colour, wrong diameter), it may be rejected. The determination itself does not prescribe record‑keeping or notification requirements for anyone. The Mint likely maintains internal records of each minting run, including the number of coins, actual weights and purity assays, to demonstrate compliance if later questioned. A person could theoretically challenge the validity of a coin if it fails to meet any of the specifications, and the Mint would bear the evidentiary burden of showing that the coin, when issued, met the criteria. In practice, such challenges are extremely rare. To conclude, the compliance burden falls almost entirely on the producer; the rest of the economy can treat these coins as standard legal tender Australian coins without further action.