EXPLANATORY STATEMENT

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

Currency Act 1965

Currency (Australian Coins) Amendment (2023 Royal Australian Mint No. 7) 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 six new standard coins proposed to be issued by the Royal Australian Mint. The six new standard coins reflect the beginning of His Majesty King Charles III’s reign as the Sovereign of Australia following the death of Her Majesty Queen Elizabeth II with an effigy of His Majesty King Charles III’s appearing on the obverse side of the standard coins for the first time.

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 (2023 Royal Australian Mint No. 7) 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 six new standard coins proposed to be issued by the Royal Australian Mint. The six new standard coins reflect the beginning of His Majesty King Charles III’s reign as the Sovereign of Australia following the death of Her Majesty Queen Elizabeth II with an effigy of His Majesty King Charles III’s appearing on the obverse side of the standard coins for the first time.

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 Royal Australian Mint No. 7) Determination 2023

This Attachment sets out further details of the Currency (Australian Coins) Amendment (2023 Royal Australian Mint No. 7) Determination 2023 (the Determination).

Section 1 – Name

This section provides that the name of the Determination is the Currency (Australian Coins) Amendment (2023 Royal Australian Mint No. 7) 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. The newly determined coin characteristics are set out below.

Australian Standard $2 Coin – Aboriginal Elder

The design on the Australian standard $2 coin – Aboriginal Elder consists of a representation of a male Indigenous Australian elder, the Southern Cross and a grass tree. The design includes the following inscriptions: “2”; and “DOLLARS”.

Consistent with the tradition of an effigy of the reigning sovereign appearing on the obverse side of all Australian legal tender coinage, an effigy of His Majesty King Charles III will appear on the obverse side of the coin together with the inscriptions “CHARLES III”, “AUSTRALIA”, and the inscription, in numerals, of a year. The obverse design includes the initials of the designer Dan Thorne “DT”.

Australian Standard $1 Coin – Mob of Roos

The design on the Australian standard $1 coin – Mob of Roos consists of a stylised representation of five kangaroos. The design includes the following inscription: “1 DOLLAR”.

Consistent with the tradition of an effigy of the reigning sovereign appearing on the obverse side of all Australian legal tender coinage, an effigy of His Majesty King Charles III will appear on the obverse side of the coin together with the inscriptions “CHARLES III”, “AUSTRALIA”, and the inscription, in numerals, of a year. The obverse design includes the initials of the designer Dan Thorne “DT”.

Australian Standard 50c Coin – Australian Coat of Arms

The design on the Australian standard 50c coin – Australian Coat of Arms consists of a representation of the Coat of Arms of the Commonwealth. The design includes the following inscriptions: “50”; and “SD”.

Consistent with the tradition of an effigy of the reigning sovereign appearing on the obverse side of all Australian legal tender coinage, an effigy of His Majesty King Charles III will appear on the obverse side of the coin together with the inscriptions “CHARLES III”, “AUSTRALIA”, and the inscription, in numerals, of a year. The obverse design includes the initials of the designer Dan Thorne “DT”.

Australian Standard 20c Coin – Platypus

The design on the Australian standard 20c coin – Platypus consists of a representation of a platypus in water. The design includes the following inscriptions: “20”; and “SD”.

Consistent with the tradition of an effigy of the reigning sovereign appearing on the obverse side of all Australian legal tender coinage, an effigy of His Majesty King Charles III will appear on the obverse side of the coin together with the inscriptions “CHARLES III”, “AUSTRALIA”, and the inscription, in numerals, of a year. The obverse design includes the initials of the designer Dan Thorne “DT”.

Australian Standard 10c Coin – Lyrebird

The design on the Australian standard 10c coin – Lyrebird consists of a representation of a lyrebird. The design includes the following inscriptions: “10”; and “SD”.

Consistent with the tradition of an effigy of the reigning sovereign appearing on the obverse side of all Australian legal tender coinage, an effigy of His Majesty King Charles III will appear on the obverse side of the coin together with the inscriptions “CHARLES III”, “AUSTRALIA”, and the inscription, in numerals, of a year. The obverse design includes the initials of the designer Dan Thorne “DT”.

Australian Standard 5c Coin – Echidna

The design on the Australian standard 5c coin – Echidna consists of a representation of an echidna. The design includes the following inscriptions: “5”; and “SD”.

Consistent with the tradition of an effigy of the reigning sovereign appearing on the obverse side of all Australian legal tender coinage, an effigy of His Majesty King Charles III will appear on the obverse side of the coin together with the inscriptions “CHARLES III”, “AUSTRALIA”, and the inscription, in numerals, of a year. The obverse design includes the initials of the designer Dan Thorne “DT”.