A high-Tc superconducting (HTS) dynamo enables the injection of large DC currents into a superconducting circuit, without the requirement for current leads. In this work, we attempt to explain the frequency dependence of such dynamos/flux pumps reported in the literature, where it is observed that the rate at which the open-circuit DC voltage increases reduces with increasing frequency, in contrast to the expected linear behaviour. Heat generated in the HTS wire has been the common explanation given to date for this phenomenon. Here we offer an alternative explanation: the interaction between and current flow in the different layers of the HTS wire as the frequency of the dynamo increases. Our claim is based on numerical analysis using a segregated H-formulation finite-element model of the HTS dynamo benchmark problem that is extended to include the full HTS wire architecture and coupled with a thermal model. This framework enables us to efficiently model the relative movement between the rotating room-temperature permanent magnet and the stationary HTS wire and to study the impact of the frequency of rotation and temperature on the open-circuit DC voltage of the dynamo.