Currency Amendment Act 1981

Administered by Department of the Treasury

Legislation au C2004A02389 In force Act

Legislation content

Currency Amendment Act 1981

No. 11 of 1981

 

 

An Act to amend the Currency Act 1965

[Assented to 25 March 1981]

BE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows:

Short title, &c.

1.(1) This Act may be cited as the Currency Amendment Act 1981.

(2) The Currency Act 1965ˡ is in this Act referred to as the Principal Act.

Commencement

2.This Act shall come into operation on the day on which it receives the Royal Assent.

Standard weight and composition of coins

3.Section 13 of the Principal Act is amended—

(a) by inserting “, subject to sub-section (2),” after “Schedule is”; and

(b) by adding at the end thereof the following sub-section:

“(2) The regulations may, from time to time, provide that this Act shall have effect, on and after a date specified in the regulations, as if a reference in the Schedule, opposite to the denomination of a coin,


to the standard composition of coins of that denomination were a reference to such other standard composition as is specified in the regulations and, where any such regulations are made, the standard composition specified in the regulations shall, on and after the date specified in the regulations and while the regulations remain in force, be deemed to be specified in the Schedule opposite to that denomination in lieu of the standard composition actually specified in the Schedule.”.

Treasurer may issue coins

4. Section 14 of the Principal Act is amended—

(a) by omitting sub-section (1a) and substituting the following sub-sections :

“(1a) The regulations may, from time to time, provide that this Act shall have effect, on and after a date specified in the regulations, as if the references in sub-section 14a (1) and the Schedule to the denomination of Two hundred dollars were references to such greater or lesser denomination as is specified in the regulations and, where any such regulations are made, the greater or lesser denomination specified in the regulations shall, on and after the date specified in the regulations and while the regulations remain in force, be deemed to be specified in sub-section 14a (1) and in the Schedule in lieu of the references to the denomination of Two hundred dollars.

“(1b) The regulations may, from time to time, provide that this Act shall have effect, on and after a date specified in the regulations, as if—

(a) there were included in the Schedule a reference to a denomination of money specified in the regulations; and

(b) there were specified in the Schedule opposite to that denomination, as the standard composition of coins of that denomination, the standard composition that is specified in the regulations,

and, where any such regulations are made—

(c) the denomination of money specified in the regulations shall, on and after the date specified in the regulations and while the regulations remain in force, be deemed to be specified in the Schedule; and

(d) the standard composition that is specified in the regulations shall, on and after the date specified in the regulations and while the regulations remain in force, be deemed to be specified in the Schedule opposite to that denomination.”; and

(b) by inserting in paragraph (2) (a) “, subject to sub-section 13 (2),” after “shall”.

Issue price of coins of certain denominations

5. Section 14a of the Principal Act is amended by omitting from sub-section (1) “and Twenty-five dollars” and substituting “, Twenty-five dollars and Ten dollars and of any other denomination exceeding Ten dollars”.


Legal tender

6. Section 16 of the Principal Act is amended—

(a) by omitting from paragraph (1) (b) “and”; and

(b) by omitting paragraph (1) (c) and substituting the following paragraphs :

“(c) in the case of coins of a denomination greater than Fifty cents but less than Ten dollars—for payment of an amount not exceeding 10 times the face value of a coin of the denomination concerned but for no greater amount;

“(d) in the case of coins of the denomination of Ten dollars—for payment of an amount not exceeding $100 but for no greater amount; and

“(e) in the case of coins of another denomination—for payment of any amount.”.

Amendment to Schedule

7. The Schedule to the Principal Act is amended by omitting—

“Fifty cents.........

copper and nickel”

and substituting—

“Ten dollars.........

92.5% silver and 7.5% other metal

“Fifty cents.........

copper and nickel”.

NOTE

1. No. 95, 1965, as amended. For previous amendments, see No. 4, 1969; No. 216, 1973; and No. 17, 1980.

Overview

The Currency Amendment Act 1981 was enacted by the Parliament of Australia to amend the Currency Act 1965, addressing gaps and updating provisions related to the composition, denomination, and legal tender status of coins. The act enables the Treasurer to adjust the standard composition of coins, introduce new denominations, and specify the issue price and legal tender status of coins. This legislative update was designed to provide flexibility in managing the currency and to address any changes in economic conditions or technological advancements in coin production. The act also modernised the legal tender provisions for coins, ensuring they reflect current economic realities and usage patterns.

Scope and Application

The Currency Amendment Act 1981 amends the Currency Act 1965, primarily affecting the standard weight, composition, and denomination of Australian coins. The Act applies to the Commonwealth of Australia and is administered by the Treasurer, who is empowered to make regulations under the amended sections of the Principal Act. The changes include modifications to the standard composition of coins, allowing for the introduction of new denominations and altering the legal tender limits for certain coins. The Act permits the regulations to specify new standards and denominations for coins, which will then be incorporated into the Schedule of the Principal Act. This ensures flexibility in adjusting the currency to reflect economic changes or technological advancements in coin production. The Act also extends its reach through subordinate instruments, enabling the Treasurer to enact further changes and specifications regarding the currency via regulations. There are no stated exclusions or exemptions in the Act itself, although any regulations made under the Act may contain specific exclusions or thresholds.

Key Provisions

The Currency Amendment Act 1981 (section 1) amends the Currency Act 1965 (referred to as the Principal Act) to update the specifications for coin composition and denomination (section 3), allow the Treasurer to issue coins of specified denominations (section 4), adjust the issue price of certain denominations of coins (section 5), and clarify the legal tender status of coins (section 6). The Act comes into operation on the day it receives Royal Assent (section 2). It introduces flexibility in coin composition by permitting regulations to specify alternative standards for coin composition (section 3(2)). The Treasurer is empowered to issue coins of denominations as specified in regulations, which can alter the denomination of existing coins or introduce new denominations (section 4(1a) and (1b)). Additionally, the Act specifies the legal tender status of coins, allowing for payments up to certain amounts using coins of various denominations (section 6). The Act imposes specific obligations on the parties it governs, primarily centred around the regulation and issuance of coins. The Treasurer is tasked with the responsibility of issuing coins in accordance with the regulations made under the Act (section 4). The regulations must specify the standard composition of coins, which the Act will deem to be included in the Schedule to the Principal Act (section 4(1b)). The Act also requires that the regulations detail the legal tender status of coins, determining the maximum amounts for which coins of different denominations can be used as legal tender (section 6). For breaches of the Act, the consequences can be severe. While the Act does not explicitly state offences or penalties, violations of currency regulations can lead to significant legal ramifications under other applicable laws, including fines or imprisonment. The penalties for counterfeiting or currency fraud under other Australian laws can be substantial, often involving large fines and lengthy prison sentences, reflecting the seriousness with which currency offences are treated. The Act’s amendments to the legal tender status of coins may also have implications for commercial transactions, where failure to accept coins as legal tender could lead to civil liabilities or consumer disputes.

Legal classification tags

Area of Law
Commercial Law
Instrument
Act
Concepts
Commencement Provisions
Repeal & Amendment
Regulatory Standards

Interactions

Authorises

All Versions

Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.