Currency (Australian Coins) Amendment (2023 Perth Mint No. 4) Determination 2023

Administered by Department of the Treasury

Legislation au F2023L01217 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 (2023 Perth Mint No. 4) Determination 2023

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 17 new non-circulating coins proposed to be issued by The Perth 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

The Perth Mint undertook consultation among its network of Australian and international wholesale distributors.  Authorised Australian distributors of The Perth Mint products are consulted regularly during business meetings and participation at the Australian Numismatic Dealers’ Association Coin, Banknote and Stamp shows.  Likewise, international distributors were consulted during a schedule of individual meetings hosted during the World Money Fair held in Berlin and the American Numismatic Association’s World’s Fair of Money.

Limited consultation was conducted with external parties due to the confidentiality of coin themes and artwork, due to the risk of competitors viewing the innovations and potentially releasing similar coins into the market prior to the release.

Members of the public have the opportunity to contact The Perth Mint to present any themes they would like to see commemorated on Australian legal tender. These concepts are then researched and presented to The Perth Mint’s sales and marketing department for consideration and feedback.

Statement of Compatibility with Human Rights

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

Currency (Australian Coins) Amendment (2023 Perth Mint No. 4) Determination 2023

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 17 new non-circulating coins proposed to be issued by The Perth 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 (2023 Perth Mint No. 4) Determination 2023

Section 1 – Name of the Determination

This section provides that the name of the Determination is the Currency (Australian Coins) Amendment (2023 Perth Mint No. 4) Determination 2023.

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

$5 2024 1/20oz Gold Dragon Coin

$50 2024 1/2oz Gold Dragon Coin

$100 2024 1oz Gold Dragon Coloured Coin (Proof)

$100 2024 1oz Gold Dragon High Relief Coin

$200 2024 2oz Gold Dragon Coin

$1,000 2024 10oz Gold Dragon Coin

 

The design on the 2024 gold dragon coins consists of, in the foreground, a stylised representation of a Chinese dragon. In the background, and partially obscured by the dragon, there is a stylised representation of clouds and waves of water. The dragon is coloured on the coloured coin. The design includes the following inscriptions: the Chinese language character (龍) pronounced lóng under the Pinyin system and meaning dragon; ‘DRAGON’; “2024”; “IJ” (being the initials of the designer Ing Ing Jong) and “P125”. The 2oz and 10oz Gold Dragon Coins also include a microscopic “P”.

Consistent with all Australian legal tender coinage, an effigy of Her Majesty Queen Elizabeth II will appear on the obverse side of the coin, together with the inscriptions “ELIZABETH II”, “AUSTRALIA”, 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, “Xoz 9999 Au” (where “X” is the nominal weight in ounces of the coin, expressed as a whole number or a common fraction in Arabic numerals), and “1952-2022” (being the dates of Her Majesty Queen Elizabeth II’s reign). The obverse design includes the initials of the designer Jody Clark “JC”.

 

50c 2024 1/2oz Silver Dragon Coin

$2 2024 2oz Silver Dragon Coin

$8 2024 5oz Silver Dragon Coin

$30 2024 1kg Silver Dragon Coin

$300 2024 10kg Silver Dragon Coin

25c 2024 1/4oz Silver Dragon Coloured Coin

$1 2024 1oz Silver Dragon Gold-Plated Coin

$1 2024 1oz Silver Dragon High Relief Coin

$2 2024 2oz Silver Dragon Coloured Coin

$8 2024 5oz Silver Dragon Coloured Coin

$8 2024 5oz Silver Dragon High Relief Coin

 

The design on the 2024 silver dragon coins consists of, in the foreground, a stylised representation of a Chinese dragon shooting water from its mouth. Surrounding the dragon there is a stylised representation of a flaming pearl and waves of water. The Chinese dragon and the flaming pearl are coloured on the coloured coins. The Chinese dragon is gold-plated on the gold-plated coin. The design includes the following inscriptions: the Chinese language character (龍) pronounced lóng under the Pinyin system and meaning dragon; ‘DRAGON’; “2024”; “IJ” (being the initials of the designer Ing Ing Jong) and “P125”. The 1/2oz, 2oz, 5oz, and 1kg Silver Dragon Coins, the 1oz Silver Gold-Plated Dragon Coin, and the 2oz and 5oz Silver Dragon Coloured Coins also include a microscopic “P”.

 

Consistent with all Australian legal tender coinage, an effigy of Her Majesty Queen Elizabeth II will appear on the obverse side of the coin, together with the inscriptions “ELIZABETH II”, “AUSTRALIA”, 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, “Xoz 9999 Ag” or “XKILO 9999 Ag” (where “X” is the nominal weight in ounces or kilograms of the coin, expressed as a whole number or a common fraction in Arabic numerals), and “1952-2022” (being the dates of Her Majesty Queen Elizabeth II’s reign). The obverse design includes the initials of the designer Jody Clark “JC”.

 

Schedule 1 also makes a minor technical change to the descriptions of three previously determined coins to correct minor errors.

Overview

The Currency (Australian Coins) Amendment (2023 Perth Mint No. 4) Determination 2023 was enacted to specify the characteristics of 17 new non-circulating coins proposed for issuance by The Perth Mint and to make technical amendments to the existing Currency (Australian Coins) Determination 2019. This determination was issued under the authority of the Assistant Minister for Competition, Charities and Treasury and is in line with the powers granted under the Currency Act 1965. The primary policy objective of this instrument is to ensure economic certainty and to maintain the integrity of Australian legal tender by updating coin specifications and designs. This legislative instrument is not subject to sunsetting and commenced on the day after it was registered on the Federal Register of Legislation, with the possibility of disallowance under the Legislation Act 2003. The determination was developed following consultation with The Perth Mint's network of distributors and a limited consultation with external parties due to the sensitive nature of coin designs and themes. It has been assessed for compatibility with human rights and found to be compliant as it does not engage any applicable rights or freedoms.

Scope and Application

The Currency (Australian Coins) Amendment (2023 Perth Mint No. 4) Determination 2023 amends the Currency (Australian Coins) Determination 2019 under the authority of the Currency Act 1965 to determine the characteristics of 17 new non-circulating coins proposed to be issued by The Perth Mint, including details such as denomination, composition, weight, design and dimensions. These coins include various denominations of gold and silver dragon coins for the year 2024. The amendment also makes technical adjustments to ensure the Determination operates as intended. The Determination applies to the Treasurer, The Perth Mint, and any other entities involved in the production and issuance of Australian coins. It has a national jurisdictional reach within Australia and operates in accordance with the Currency Act 1965. The Determination does not specify any exclusions, exemptions, or thresholds, but the Treasurer may make further determinations through subordinate instruments to add, remove, or alter coin characteristics as needed. The Determination commenced on the day after it was registered on the Federal Register of Legislation and is not subject to sunsetting.

Key Provisions

The Currency (Australian Coins) Amendment (2023 Perth Mint No. 4) Determination 2023 outlines the characteristics of 17 new non-circulating coins proposed for issuance by The Perth Mint (section 1). It also makes technical amendments to ensure the determination operates as intended. This includes the addition of new coin characteristics and corrections to previously determined coin descriptions. The primary sections (sections 1 to 4) detail the name of the Determination, its commencement, the authority under which it is made, and the amendments to the Currency (Australian Coins) Determination 2019. The Schedule to the Determination specifies the new coin characteristics and technical amendments. The Determination imposes specific obligations on The Perth Mint and other authorised entities involved in the production and issuance of these coins. It mandates the adherence to the specified characteristics such as denomination, composition, weight, design, and dimensions. The Perth Mint must ensure that the coins conform to these specifications, including the inclusion of certain inscriptions and designs as outlined in the Schedule. Additionally, the Mint must ensure that these coins become and remain legal tender unless returned to a mint to be taken out of circulation. Breach of the obligations set forth in the Determination can result in various civil and criminal consequences. While the Determination itself does not explicitly outline specific penalties for non-compliance, contravention of the Currency Act 1965, under which this Determination is made, can result in significant penalties. Offences under the Currency Act may include counterfeiting, which carries a maximum penalty of 15 years imprisonment, or other serious offences that can incur fines up to $132,000 or imprisonment for up to five years, or both. Additionally, any failure to comply with the legal tender requirements can result in the coins not being recognised as legal tender, impacting their use and acceptance in transactions.

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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.