Currency Determination No. 2 of 1996

Overview

The Currency Act 1965 was enacted to provide a legal framework for the issuance and regulation of currency within Australia, ensuring that the nation's monetary system is orderly and efficient. Addressing the need to update and specify the design and physical characteristics of currency, particularly commemorative coins, this Act allows the government to issue determinations that detail the specifications and designs of coins. The Currency Determination No 2 of 1996, made by the Assistant Treasurer, further exemplifies the Act's purpose by setting out the specifications and design of two $10 coins, which include their composition, weight, dimensions, and visual elements. This Determination was issued under the authority of the Treasurer and aims to meet the policy objective of maintaining the integrity and recognisability of Australian currency while also commemorating significant cultural and natural heritage elements, such as the Southern Right Whale in this instance.

Scope and Application

The Currency Determination No. 2 of 1996 applies to the specifications and design of the $10 coins issued under the Currency Act 1965. This determination is a legislative instrument made by the Assistant Treasurer, acting for the Treasurer, and sets out detailed technical and design specifications for the coins. The act and its determinations pertain to the Commonwealth of Australia, governing the production and specifications of Australian currency. The act applies to the entities responsible for the minting and issuing of coins, such as the Royal Australian Mint, as well as to the general public and businesses within Australia that use the currency. The determination outlines specific standards for the coins' composition, shape, weight, diameter, thickness, and both obverse and reverse designs, ensuring consistency and recognisability of the currency. The stated exclusions within the determination are limited to other specifications or designs of coins, meaning this particular determination does not affect any other coin specifications or designs. The act and its subordinate instruments, such as the Currency Determination No. 2 of 1996, ensure that the currency issued remains standardised and legally compliant throughout the country.

Key Provisions

The Currency Determination No 2 of 1996 primarily concerns the specifications and design of two $10 coins (sections 4(1) to 4(11)). It details the composition, physical attributes, and design elements of these coins. The coins must be made of 92.5% silver and 7.5% other metal, with each coin being circular and having a milled edge. The coins' weights vary between 20.00 grams and 40.00 grams, with a permissible variation of 0.50 grams from the standard weight. The diameter of each coin is 34.10 millimetres, while the thickness varies between 2.90 millimetres and 5.10 millimetres. The obverse side of the coins must display an effigy of the Queen, along with the inscriptions "ELIZABETH II", "AUSTRALIA", and "1996". The reverse side must feature a representation of two Southern Right Whales and the inscriptions "SOUTHERN RIGHT WHALE" and "10 DOLLARS". Under this Determination, there are specific obligations imposed on the minting and issuance of these coins. Mints and manufacturers must adhere strictly to the specified composition, dimensions, and design elements. This includes ensuring the coins are circular, have milled edges, and bear the correct inscriptions and representations. The weight of the coins must be within the permitted range, and the coins must be produced in accordance with the design specifications outlined in the Determination. There are no explicit provisions in the Determination regarding offences, penalties, or consequences for breaches of the specifications. However, the Currency Act 1965, under which this Determination is made, likely includes general provisions for offences related to the production and distribution of currency. Violations of the Currency Act can result in criminal penalties, including fines and imprisonment, as well as civil penalties for non-compliance with the Act's requirements. The specific penalties would be determined in accordance with the relevant sections of the Currency Act and any applicable common law or subsidiary legislation.