Currency (Australian Coins) Amendment (2022 Royal Australian Mint No. 7) Determination 2022

Administered by Department of the Treasury

Legislation au F2022L01424 Not in force Legislative Instrument

Legislation content

EXPLANATORY STATEMENT

Issued by authority of the Assistant Minister for Competition, Charities and Treasury

Currency Act 1965

Currency (Australian Coins) Amendment (2022 Royal Australian Mint No. 7) Determination 2022

Subsection 13(2) and section 13A of the Currency Act 1965 (the Act) provide that the Treasurer may, by legislative instrument, determine details of Australian coin characteristics including denomination, standard composition, standard weight, allowable variation from standard weight, design and dimensions.

The purpose of this legislative instrument is to determine the characteristics of two new non-circulating coins proposed to be issued by the Royal Australian Mint and to make technical amendments to ensure the Determination operates as intended.

The Treasurer may authorise the making and issuing of coins specified, or taken to be specified, in the Schedule to the Currency Act 1965. A payment of money is a legal tender if it is made in coins that are made and issued under the Currency Act 1965. Through the issue of a currency determination, the Treasurer can add, remove and alter the coin characteristics specified, or taken to be specified, in the Schedule to the Currency Act 1965.

In accordance with section 19 of the Acts Interpretation Act 1901, any Minister in the Treasury portfolio may, by legislative instrument, determine details of Australian coin characteristics.

Details of the legislative instrument are set out in the Attachment.

The legislative instrument commenced on the day after it was registered on the Federal Register of Legislation.

The legislative instrument is subject to disallowance under section 42 of the Legislation Act 2003.

The Determination is a legislative instrument for the purposes of the Legislation Act 2003. The Determination is not subject to sunsetting under the Legislation Act 2003 on the grounds that the instrument ensures economic certainty (see Legislation (Exemptions and Other Matters) Regulation 2015). The instrument’s operation is integral in ensuring that the currency produced by the Mints becomes, and remains, legal tender unless or until returned to a mint to be taken out of circulation in accordance with the Currency Act 1965.

Consultation

No public consultation was undertaken in relation to this legislative instrument. The effect of this instrument is to determine details of new Australian coin characteristics which will enable the Royal Australian Mint to continue its production of circulating and numismatic coins.

Members of the public have the opportunity to contact the Royal Australian Mint to present any themes they would like to see commemorated on Australian legal tender. These concepts are then researched and assessed in accordance with the Royal Australian Mint’s Coin Design Policy. The Royal Australian Mint also uses market-based tools to identify interested parties and gauge interest in coin themes.

 

Statement of Compatibility with Human Rights

Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011

Currency (Australian Coins) Amendment (2022 Royal Australian Mint No. 7) Determination 2022

This Legislative Instrument is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.

Overview of the Legislative Instrument

The purpose of this legislative instrument is to determine the characteristics of two new non-circulating coins proposed to be issued by the Royal Australian Mint and to make technical amendments to ensure the Determination operates as intended.

Human rights implications

This Legislative Instrument does not engage any of the applicable rights or freedoms.

Conclusion

This Legislative Instrument is compatible with human rights as it does not raise any human rights issues.


ATTACHMENT

Details of the Currency (Australian Coins) Amendment (2022 Royal Australian Mint No. 7) Determination 2022

This Attachment sets out further details of the Currency (Australian Coins) Amendment (2022 Royal Australian Mint No. 7) Determination 2022 (the Determination).

Section 1 – Name

This section provides that the name of the Determination is the Currency (Australian Coins) Amendment (2022 Royal Australian Mint No. 7) Determination 2022.

Section 2 – Commencement

This section prescribes that the Determination commences the day after the Determination is registered.

Section 3 – Authority

This section provides that the Determination is made under the Currency Act 1965.

Section 4 – Schedule

This section provides that each instrument specified in a Schedule to the Determination is amended or repealed as set out in the Schedule.

Schedule 1 – Amendments

Schedule 1 amends the Currency (Australian Coins) Determination 2019 by adding the details of new coin characteristics and making technical amendments to ensure the Determination operates as intended. The newly determined coin characteristics are set out below.

 

 

 

 

 

 

 

 

 

 

New non-circulating coins

2023 $1 1 oz Silver Investment Coin – Year of the Rabbit

2023 $100 1 oz Gold Investment Coin – Year of the Rabbit

 

The design on the 2023 1 oz investment coins – Year of the Rabbit consists of a crescent

shape which is partially obscured on its convex side by a stylised representation of plantain

lilies, partially obscured by a rabbit holding a small branch. The design includes the

following inscriptions: the Chinese language character (兔) pronounced Tù under the pinyin

system and meaning rabbit; “YEAR OF THE RABBIT”; either “X oz .999 Ag” or “X oz

.9999 Au” as the case requires (where “X” is the nominal weight in ounces of the coin,

expressed as a whole number or a common fraction in Arabic numerals); and “BS” (being the

initials of the designer Bronwyn Scott).

 

Consistent with all Australian legal tender coinage, an effigy of Her Majesty Queen Elizabeth

II will appear on the obverse side of the coins together with the inscriptions “ELIZABETH

II” and “AUSTRALIA”, the inscription, in numerals, of a year and Arabic numerals for the

amount, in dollars or cents, of the denomination of the coin followed by “DOLLAR”,

“DOLLARS” or “CENTS” as the case requires. The obverse design also includes the initials

of the designer Jody Clark “JC”. The effigy is surrounded by an ornamental border

comprising stylised representations of splashing water. Immediately inside the rim of the coin

is a border consisting of stylised representations of each of the following: a rat; a pig; a dog; a

rooster; a monkey; a goat; a horse; a snake; a dragon; a rabbit; a tiger; and an ox.

 

Schedule 1 also makes a minor modification to the description of a previously determined coin to reflect design refinements during the production process.

Overview

The Currency (Australian Coins) Amendment (2022 Royal Australian Mint No. 7) Determination 2022 was enacted to amend the Currency Act 1965 and determine the characteristics of two new non-circulating coins proposed to be issued by the Royal Australian Mint. This legislative instrument was introduced to ensure that the Royal Australian Mint can continue its production of circulating and numismatic coins by providing the necessary details for the new coins, including their denomination, design, and weight, as well as making technical amendments to ensure the Determination operates as intended. The Determination was made under the authority of the Assistant Minister for Competition, Charities, and Treasury and is subject to disallowance under the Legislation Act 2003. The objective of the Determination is to maintain economic certainty in the production of legal tender currency, ensuring that the coins produced by the Mints remain legal tender unless or until they are returned to a mint to be taken out of circulation in accordance with the Currency Act 1965. The Determination is not subject to sunsetting under the Legislation Act 2003, as its operation is integral in maintaining the legal tender status of Australian currency. The Determination specifies two new non-circulating coins: a 2023 $1 1 oz Silver Investment Coin and a 2023 $100 1 oz Gold Investment Coin, both commemorating the Year of the Rabbit. The coins feature an effigy of Her Majesty Queen Elizabeth II, inscriptions, and a design that includes a crescent shape partially obscured by a stylised representation of plantain lilies and a rabbit holding a small branch. The coins will also include the initials of the designer Bronwyn Scott and the designer Jody Clark on the obverse side. Additionally, the Determination makes a minor modification to the description of a previously determined coin to reflect design refinements during the production process. This legislative instrument is compatible with human rights, as it does not engage any of the applicable rights or freedoms.

Scope and Application

The Currency (Australian Coins) Amendment (2022 Royal Australian Mint No. 7) Determination 2022 applies to the Royal Australian Mint, the entity responsible for producing Australian coins, and to the new non-circulating coins it intends to issue. This legislative instrument falls under the authority of the Currency Act 1965, and its purpose is to establish the characteristics of these coins, including their design, denomination, composition, and dimensions, as well as to make technical amendments to ensure the Determination operates effectively. The Determination extends across the Commonwealth of Australia, governing the legal tender status of the coins minted and issued by the Royal Australian Mint. While the Determination specifies the characteristics of new coins and amends existing ones, it does not explicitly outline exclusions, exemptions, or thresholds. However, the legal tender status of these coins is contingent on their adherence to the specifications set out in the Determination. The Determination is subject to disallowance under the Legislation Act 2003 but is exempt from sunsetting provisions on the grounds of economic certainty.

Key Provisions

The Currency (Australian Coins) Amendment (2022 Royal Australian Mint No. 7) Determination 2022 (the Determination) sets out the details of two new non-circulating coins to be issued by the Royal Australian Mint and makes technical amendments to ensure the Determination operates as intended (Section 1). These new coins are the 2023 $1 1 oz Silver Investment Coin – Year of the Rabbit and the 2023 $100 1 oz Gold Investment Coin – Year of the Rabbit (Schedule 1). The Determination also amends the Currency (Australian Coins) Determination 2019 to include these new coins (Schedule 1). The Determination imposes specific obligations on the Royal Australian Mint, including the production of coins with the characteristics set out in the Determination (Section 13(2) and Section 13A of the Currency Act 1965). The Royal Australian Mint is required to ensure that the coins meet the specified denomination, composition, weight, allowable variation, design and dimensions as outlined in the Determination. The Mint must also ensure that the coins are legal tender as per the Currency Act 1965. There are no specific offences, penalties, or civil/criminal consequences mentioned for breaches of the Determination itself. However, the Currency Act 1965 outlines offences and penalties for counterfeiting or forging Australian coins, as well as unauthorised production or importation of coins (Section 16 and Section 17 of the Currency Act 1965). Offences related to counterfeiting or forging Australian coins can result in imprisonment for up to 10 years, while offences related to unauthorised production or importation of coins can result in imprisonment for up to 5 years or a fine of up to $11,000. The penalties may vary depending on the severity of the offence and any aggravating factors.

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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.