1978 One Cent Coin

Description

ONE CENT

Circulating coins are the coins Australians use everyday. They are mass-produced coins and made from base metals such as copper, nickel and aluminium, struck at the rate of up to 650 per minute.

While they ordinarily feature reverse designs of Australian fauna (or an Aboriginal elder on the two dollar coin), many commemorative coins are released to mark events, people or organisations which have had a significant impact on Australian society.

The one cent coin was first introduced with decimal currency on 14 February 1966. The original reverse design of a feather tailed glider has not been changed since the introduction.

One cent coins were produced by the Royal Australian Mint, the Royal Mint Melbourne branch, the Royal Mint Perth branch, and the Royal Mint, Llantrisant. Production of 1966-dated one cent coins commenced at the Royal Mint Melbourne branch in 1964.

The cessation of issue of one and two cent coins was announced by the Treasurer in his Budget Speech of 21 August 1990. The decision was based on the loss of real purchasing power through inflation and the cost of minting these coins. The accompanying Press Release noted that “..1c and 2c coins will continue to be legal tender: they can still be used to purchase goods and can be deposited with financial institutions in the normal manner.”

Both coins were withdrawn from circulation commencing in February 1992.