to represent each of the nine islands and atolls composing the Tuvalu chain. Each of the coins depicts a sea animal that is native to the area, with the only exception to that being the 1 cent, which depicts an empty spider conch shell washed up on the shore. The 1976 series also included the introduction of Tuvalu's first silver and gold proof bullion coins. A silver 5 dollar piece and a gold 50 dollar piece. They are considered an official release and legal tender within Tuvalu. Although Australia withdrew their 1 and 2 cent coins from circulation in 1991 there was still demand for the two lower denominations in Tuvalu so these continued to be retained well after Australia discontinued use. However, as prices and shipping costs have progressively risen the 1 and 2 cent coins have since been withdrawn from circulation. Australia introduced a coin to replace the note in 1988, but Tuvaluan coins have never been introduced. Instead, the Australian piece circulates in place. In recent years, Tuvaluans have also taken a preference to Australia's smaller, round, brass dollar over their own large, clumsy nonogonal ones, and are thus seen a little less often. In 1994, the Queen's profile was changed in tandem with many other Commonwealth states to the more recent Raphael Maklouf design. Older coins dated 1976-1985 feature the Arnold Machin design. After the 1994 issue, Tuvaluan coins ceased to be produced and Australian coins sent in their stead. However, Tuvalu coins remain as legal tender and continue to circulate alongside Australian ones. Tuvalu also issues a fair number of non-circulating bullion type coins and colourised commemoratives. These non-circulating bullion coins are produced by the Perth Mint, which is owned by the Government of Western Australia. The deal between the Government of Tuvalu (as issuing authority) and Perth Mint allows Tuvalu to receive a minimum of about $200,000 per year in royalties from the production of these coins. Queen Elizabeth II is depicted on all coins issued by Tuvalu. There have been calls from some politicians to abolish Tuvalu's monarchy and remove the sovereign's image from all future coins, however, a majority vote decided otherwise. The reverse of each coin depicts as follows: Banknotes In 1942, local banknotes were issued by the colonial government of the Gilbert and Ellice Islands in denominations of 1, 2, 5, and 10 shillings and £1 with equivalent value to