A gold coin is a coin made mostly or entirely of gold. Gold has been for coins practically since the invention of coinage, originally because of gold's intrinsic value. In modern times, most gold coins sold either to collectors, or to be used as bullion coins— coins whose nominal value is irrelevant and which serve primarily as a method of investing in gold. Gold has been as money for many reasons. It is fungible, meaning that it trades easily, with a low spread between the prices to buy and sell. Gold is also easily transportable, as it has a high value to weight ratio, compared to other commodities, such as silver. Gold can be into smaller units, without destroying its value; it melts into ingots, and re-coined. The density of gold is higher than most other metals, making it difficult to pass counterfeits. Gold is extremely un-reactive. The scarcity of gold stabilizes its value. Precious metals in bulk form are bullion, and trade on commodity markets. Bullion metals cast into ingots, or minted into coins. The defining attribute of bullion is that it is valued by its mass and purity rather than by a face value as money. While obsolete gold coins are primarily collected for their numismatic value, gold bullion coins today derive their value from the metal (gold) content — and as such are viewed by some investors as a "hedge" against inflation or a store of value. Many nations mint bullion coins. Investment quality coins minted after 1800 have a purity of not less than 900 thousands and are legal tender in its country of origin. Although nominally issued as legal tender, these coins' face value as currency is far below that of their value as bullion. The European Commission publishes annually a list of gold coins, which are as investment gold coins in all EU Member States. The list has legal force and supplements the law. In the United Kingdom, HM Revenue and Customs have added an additional list of gold coins alongside the European Commission list. These are gold coins that HM Revenue & Customs recognize as falling within the exemption for investment gold coins. This second list does not have legal force. South Africa introduced the Krugerrand in 1967 to cater to this market; this was the reason for its convenient and memorable gold content — exactly one troy ounce. It was the first modern, low premium (i.e. priced only slightly above the bullion value of the gold) gold bullion coin. Bullion coins are also in fractions of an ounce – typically half ounce, quarter ounce, and one-tenth ounce. Bullion coins sometimes carry a face value as legal tender, the face value is on the coin, and in order to bestow legal tender status on a coin, which generally makes it easier to import or export across national borders, as well as subject to counterfeiting. However, their real value is as dictated by their troy weight, the current market price of the precious metal contained, and the prevailing premium that market wishes to pay for those particular bullion coins. The face value is always significantly less than the bullion value of the coin. Legal tender bullion coins are a separate entity to bullion gold. One enjoys legal tender status; the latter is merely a raw commodity. Gold has an international currency code of XAU under ISO 4217. ISO 4217 includes codes not only for currencies, but also for precious metals and certain other entities used in international finance, e.g. Special Drawing Rights. Coins are usually made of an alloy as other metals are into the coin to make it more durable. Fineness is the actual gold content in a coin or bar and expressed in grams or troy ounces. Karat weight is a unit of fineness for gold equal to 1/24 part of pure gold in an alloy. Pure gold is 1000 fine. Below is a karat weight to fineness conversion chart. There is a correlation between karats and fineness: 24 karats = 1000 fine, 23 karats = 958.3 fine, 22 karats = 916.6 fine, 21 karats = 875.0 fine, 20 karats = 833.3 fine, 18 karats = 750.0 fine, 16 karats = 666.7 fine, 14 karats = 583.3 fine, 10 karats = 416.6 fine. The fineness converts to a percent, as well. If a gold coin has a fineness of .900, the decimal point is moved two places to the right and that number is expressed as a percent - that is 90.0% pure gold. If a gold coin has a fineness of .850, then the gold coin is 85.0% pure, etc. Coins have varied greatly in fineness through history. Notable historical standards that were closely adhered-to include the crown gold (22 karat) used in all English gold coins intended for circulation from 1526 onward, and 0.900 fine (21.6 kt), the standard for all American circulation-coins from 1837 onward. Fineness is not the only way to value a gold coin; a great deal of value in collector coins comes from condition and rarity. To a far lesser extent, even the value of gold bullion coins is influenced by their physical condition.

Judicial Commission

The Judicial Commission of New South Wales is a statutory corporation that provides continuing education to and examines complaints made against judicial officers in New South Wales, a State of Australia. The commission is headed by the Chief Justice of New South Wales and consists of the heads of each of the major courts in New South Wales plus community representatives. The commission is the only body of its type in Australia. Similar bodies are in existence in Canada, India and the United States. The work of the commission is split into two distinct areas. The first is a conduct division which deals with complaints about judicial officers. The other area is the educative function, which provides information on sentencing information, legal development and ongoing training for judicial officers. The commission marked a significant change in the legal system in New South Wales. It restored public confidence in the judicial system which had been rocked by a serious of scandals and allegations of misconduct in the early 1980s. The commission eliminated the political process from the removal of a judge from public office. Judges were no longer subject to the whim of the government of the day in whether they could be removed from office. Instead, the commission now provides a means outside of politics for the dispassionate consideration of misconduct by judicial officers. As one present judge has suggested, the commission has actually improved and safe-guarded independence of the courts. The model for a judicial commission has received support for introduction elsewhere in Australia.

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