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. 9) 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 15 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. 9) 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 15 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. 9) Determination 2023
This Attachment sets out further details of the Currency (Australian Coins) Amendment (2023 Royal Australian Mint No. 9) 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. 9) 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
2024 $10 1/10 oz ‘C’ Mintmark Gold Proof Coin – Out of this World – Australia in Space
2024 $1 ‘C’ Mintmark Silver Proof Coin – Out of this World – Australia in Space
2024 $1 ‘C’ Mintmark Uncirculated Coin – Out of this World – Australia in Space
2024 $1 ‘S’ Privy Mark Uncirculated Coin – Out of this World – Australia in Space
2024 $1 ‘M’ Privy Mark Uncirculated Coin – Out of this World – Australia in Space
2024 $1 ‘B’ Privy Mark Uncirculated Coin – Out of this World – Australia in Space
2024 $1 ‘Envelope’ Privy Mark Uncirculated Coin – Out of this World – Australia in Space
2024 $1 Uncirculated Coin – Out of this World – Australia in Space
2024 $1 ‘S’ Counterstamp Uncirculated Coin – Out of this World – Australia in Space
2024 $1 ‘B’ Counterstamp Uncirculated Coin – Out of this World – Australia in Space
2024 $1 ‘M’ Counterstamp Uncirculated Coin – Out of this World – Australia in Space
2024 $1 ‘A’ Counterstamp Uncirculated Coin – Out of this World – Australia in Space
2024 $1 ‘P’ Counterstamp Uncirculated Coin – Out of this World – Australia in Space
2024 $1 ‘Australia Map’ Counterstamp Uncirculated Coin – Out of this World – Australia in Space
2024 $1 ‘C’ Counterstamp Uncirculated Coin – Out of this World – Australia in Space
The design on the 2024 coins – Out of this World – Australia in Space consists of a central circle enclosing the following:
- a stylised representation of part of the planet Earth viewed from space, incorporating an outline of Australia (exaggerated in size); and
- a stylised representation of the moon; and
- a stylised representation of a rocket representing Australia’s first satellite being launched; and
- in the foreground and partially extending beyond the central circle, a representation of an astronaut in a spacesuit with a cord running from the Earth to the astronaut; and
- partially obscured by the astronaut, a depiction of the planet Jupiter; and
- in the background, lines radiating from the Earth with stylised representations of stars and other celestial bodies at the ends of the lines, representing the field of astronomy.
Surrounding that central circle is a segmented banner containing the following inscriptions: “OUT OF THIS WORLD”; and “AUSTRALIA IN SPACE”. Immediately inside the rim of the coin is another segmented banner containing the following inscriptions: “ROVERS”; “TECHNOLOGY”; “ROCKETS”; “ASTRONAUTS”; “SATELLITES”; “COMMUNICATIONS”; “GPS”; “ASTRONOMY”; “EXPLORATION”; and “DISCOVERY”. The design also includes the following inscription: “EW” (being the initials of the designer Elyssa Waterford) in a stylised form. On the mintmark, privy mark and counterstamp coins is either a mintmark, privy mark or counterstamp of the following nature:
- the letter “C”, denoting Canberra; or
- the letter “S”, denoting Sydney, enclosed in a square; or
- the letter “M” denoting Melbourne, enclosed in a square; or
- the letter “B”, denoting Brisbane, enclosed in a square; or
- a stylised representation of an envelope; or
- the letter “S”, denoting Sydney, enclosed in a circle; or
- the letter “B”, denoting Brisbane, enclosed in a circle; or
- the letter “M” denoting Melbourne, enclosed in a circle; or
- the letter “A” denoting Adelaide, enclosed in a circle; or
- the letter “P” denoting Perth, enclosed in a circle; or
- a stylised representation of a map of Australia enclosed in a circle; or
- the letter “C” denoting Canberra, enclosed in a circle.
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 coins together with the inscriptions “CHARLES III”, “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 includes the initials of the designer Dan Thorne “DT”.