Leslie Massey
The Australian one-cent and two-cent coins were first introduced in 1966 as part of the nation's move toward decimalisation of its currency. The coins were withdrawn from circulation in 1992 due to inflation reducing their value and the high cost of minting. The composition of the coins changed over time, initially being made of bronze, before being replaced with copper-plated steel coins in the United Kingdom and Ireland. After their removal, some of the Australian bronze coins were melted down to create bronze medals for the 2000 Summer Olympics in Sydney, Australia.
| Characteristics | Values |
|---|---|
| Lowest denomination coin of the Australian dollar | 1 cent coin |
| Circulation period | 1966–1992 |
| Obverse side | Portrait of Queen Elizabeth II (1966–1984) by Arnold Machin; replaced by Raphael Maklouf (1985–1992) |
| Reverse side | Image of a feathertail glider, a gliding possum unique to Australian states bordering the Pacific Ocean |
| Mints | Royal Australian Mint in Canberra; Melbourne Mint; Perth Mint; British Royal Mint in Wales |
| Removal reason | Inflation reducing its value, high cost of minting, and the rising price of bronze |
| Withdrawal from circulation | February 1992 |
| Legal tender status | Accepted up to a sum of 20 cents |
| Last minted | 1990 |
| Introduced | 14 February 1966 |
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What You'll Learn
The one-cent coin was withdrawn from circulation in 1992
The Australian one-cent coin was first introduced in 1966 as part of the nation's move toward decimalisation of its currency. It was the lowest-denomination coin of the Australian dollar. However, over time, the purchasing power of the one-cent coin decreased due to inflation, and the cost of minting the coins increased, especially with the rising price of bronze. As a result, the one-cent coin was eventually withdrawn from circulation in 1992, along with the two-cent coin.
The decision to remove these coins was confirmed by the Treasurer in a Budget Speech on 21 August 1990. The removal was primarily due to the loss of real purchasing power caused by inflation and the high cost of minting. The one-cent and two-cent coins had become so devalued by inflation that they were no longer cost-effective to produce.
The cessation of the one-cent and two-cent coins was part of a broader trend among Commonwealth countries at the time. New Zealand, for example, removed its one and two-cent coins in 1990, while the United Kingdom and Ireland replaced their bronze coins with copper-plated steel coins.
Despite no longer being in circulation, the Australian one-cent and two-cent coins have not been completely eliminated. They are still considered legal tender up to the sum of 20 cents, preventing large debts from being paid off with small coins. Additionally, non-circulating examples have been minted and sold to collectors since 1990.
The withdrawal of the one-cent coin from circulation in 1992 marked the end of its use as a means of payment in Australia. However, it continues to hold value for coin collectors, with some early issues becoming increasingly sought-after and valuable.
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The two-cent coin was withdrawn in 1992
Australia's one-cent and two-cent coins were introduced in 1966 during the nation's move toward decimalisation of its currency. The one-cent coin was the lowest-denomination coin of the Australian dollar. Both coins were withdrawn from circulation in 1992 due to inflation reducing their value and the high cost of minting.
The decision to remove the one-cent and two-cent coins was confirmed by the Treasurer in a Budget Speech on 21 August 1990. The removal was due to inflation, which had reduced the coins' value, and the high cost of minting. The one-cent coin's purchasing power in 1966 would have been equal to about 16 cents in 2023 values.
The one-cent coin featured the image of a feathertail glider (Acrobates pygmaeus), a gliding possum unique to Australian states bordering the Pacific Ocean, on its reverse side. The two-cent coin featured the image of a frill-necked lizard (Chlamydosaurus kingii), a reptile native to northern Australia and southern New Guinea, on its reverse side.
After the one-cent and two-cent coins were removed from circulation, some of them were melted down to make bronze medals for the 2000 Summer Olympics in Sydney, Australia. The two-cent coin is now sought after by collectors, with some examples selling for several thousand dollars at auction.
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The coins were made from bronze
The Australian 1 and 2 cent coins were made from bronze. Introduced in 1966, the same year as the nation's decimalisation of currency, the 1 cent coin was the lowest-denomination coin of the Australian dollar. The 1 and 2 cent coins were withdrawn from circulation in 1992 due to inflation reducing their value and the high cost of minting.
The composition of the coins was a factor in the decision to remove them. Bronze was becoming expensive, and the coins were already low-value. As such, the cost of minting the coins was high relative to their value.
Around the same time, other Commonwealth countries removed their bronze coins. For example, New Zealand removed its 1 and 2 cent coins in 1990, while the UK and Ireland replaced their bronze 1 and 2 pence coins with copper-plated steel coins.
After their removal from circulation, many of the Australian bronze coins were melted down and converted into bronze medals for the 2000 Summer Olympics in Sydney, Australia.
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The coins were legal tender up to 20 cents
Australia's one-cent and two-cent coins were introduced in 1966 as part of the country's shift towards decimalising its currency. The one-cent coin was the lowest-denomination coin of the Australian dollar at the time. Both coins were withdrawn from circulation in 1992, although they are still minted for coin collectors. The one- and two-cent coins were removed due to inflation eroding their value and the high cost of minting.
The one-cent and two-cent coins were made of bronze. The one-cent coin was produced by the millions from 1966 to 1990, with the exception of 1986 when none were minted. The two-cent coin was minted from 1966 to 1991, as well as in 2006.
The one-cent coin featured the portrait of Queen Elizabeth II on the obverse and an image of a feathertail glider—a gliding possum native to Australian states bordering the Pacific Ocean—on the reverse. The two-cent coin featured a frill-necked lizard, a reptile native to northern Australia and southern New Guinea, on the reverse.
Despite no longer being in circulation, the one- and two-cent coins are still considered legal tender up to 20 cents. This means that while you can't use them to pay off large debts, they can still be used for smaller purchases.
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The coins were produced by the millions
The Australian one-cent and two-cent coins were produced by the millions during their circulation from 1966 to 1992. The one-cent coin was introduced on 14 February 1966, during the decimalisation of Australian currency, and was the lowest-denomination coin of the Australian dollar at the time. The two-cent coin was also introduced in 1966.
The one-cent coin was produced by three mints during its first issue in 1966: 146.5 million were minted at the Royal Australian Mint in Canberra, 239 million at the Melbourne Mint, and 26.6 million at the Perth Mint. The Perth Mint also made 16,995,000 two-cent coins for issue in 1968. With the exception of 1966 and 1981, all other one-cent coins were produced at the Canberra mint. In 1981, 40.3 million were minted at the British Royal Mint in Llantrisant, Wales, in addition to the 183.6 million minted in Canberra.
The one-cent and two-cent coins were withdrawn from circulation in February 1992 due to inflation reducing their value and the high cost of minting. The cessation of the issue of these coins was announced by the Treasurer in a Budget Speech on 21 August 1990. Despite no longer being in circulation, the coins are still legal tender and can be used to purchase goods and deposit with financial institutions.
The high production volume of the one-cent and two-cent coins during their circulation resulted in millions of coins being minted and circulated. The initial production runs in the millions reflected the demand for these low-denomination coins during the second half of the 20th century in Australia.
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Frequently asked questions
Australian 1 and 2 cent coins are made of bronze.
Australian 1 and 2 cent coins were withdrawn from circulation in 1992.
Australian 1 and 2 cent coins were withdrawn due to inflation reducing their value and the high cost of minting.
Many of the coins were melted down and converted into bronze medals for the 2000 Sydney Summer Olympics.
