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. 8) 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 8 new non-circulating coins proposed to be issued by the Royal Australian Mint.
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. 8) 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 8 new non-circulating coins proposed to be issued by the Royal Australian Mint
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. 8) Determination 2023
This Attachment sets out further details of the Currency (Australian Coins) Amendment (2023 Royal Australian Mint No. 8) 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. 8) 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.
New non-circulating coins
2023 50c Fine Silver Proof Coin – Her Majesty Queen Elizabeth II
2023 50c Uncirculated Coin – Her Majesty Queen Elizabeth II
The design on the 2023 50c coins – Her Majesty Queen Elizabeth II consists of the six effigies of Queen Elizabeth II as depicted on Australian coins between 1953 and 2022. Surrounding the effigies is a stylised representation of lily-of-the-valley flowers and golden wattle flowers, with foliage. At the bottom of the coin, there is a circle enclosing a representation of St Edward’s Crown and the royal cypher of Her Majesty Queen Elizabeth II, “ERII”. The design includes the following inscriptions: “HER MAJESTY QUEEN ELIZABETH II”; and “1952-2022” (being the dates of Her Majesty Queen Elizabeth II’s reign).
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”, “2023”, 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, 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”.
2023 $5 1/2g Gold Frosted Uncirculated Coin – Mini Money – Emu
The design on the 2023 $5 1/2g gold frosted uncirculated coin – Mini Money – Emu consists of a representation of an emu brooding over a nest containing 5 eggs. The design includes the following inscriptions: “Xg .9999 Au” (where “X” is the nominal weight in grams of the coin, expressed as a whole number or a common fraction in Arabic numerals); and “EW” (being the initials of the designer Elyssa Waterford).
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”, “2023”, 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, 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”.
2024 $1 1oz Silver Investment Coin – Australia's Most Dangerous – Tiger Snake
2024 $100 1oz Gold Investment Coin – Australia's Most Dangerous – Tiger Snake
The design on the 2024 1oz investment coins – Australia’s Most Dangerous – Tiger Snake consists of, in the foreground, a representation of a tiger snake in strike position. In the background is a representation of tall grass and a mountain range. The design includes the following inscriptions: “TIGER SNAKE”; either “Xoz .999 SILVER” or “Xoz .9999 GOLD” 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 “EW” (being the initials of the designer Elyssa Waterford).
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”, “AUSTRALIA”, “2024”, 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, 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”.
2024 $100 1oz Gold Investment Coin – Koala Series
2024 $1 1oz Silver Investment Coin – Koala Series
2024 $5 1oz Silver Proof High Relief Coin – Koala Series
The design on the 2024 1oz coins – Koala Series consists of a representation of a koala on a branch in the foreground. In the background and partially obscured by the koala is a stylised representation of eucalyptus leaves and branches. The design includes the following inscriptions: “KOALA”; either “Xoz .9999 Au” or “Xoz .999 Ag” 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”, “AUSTRALIA”, “2024”, 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, 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”.