Currency Determination No. 2 of 1997

Overview

The Currency Determination No. 2 of 1997 is a legislative instrument made under the authority of the Currency Act 1965 by the Assistant Treasurer, acting on behalf of the Treasurer. This Determination was introduced to specify the detailed characteristics of a particular coin, addressing the need for precise regulations in the issuance of currency. The Currency Act 1965 was enacted to provide for the issuance of Australian currency and to ensure the quality and specifications of coins meet the standards set by the Commonwealth. This Determination ensures the continued adherence to those standards by detailing the denomination, composition, weight, dimensions, and design elements of a specified coin. The objective of the Determination is to maintain the integrity and recognisability of Australian currency while adhering to the statutory requirements outlined in the Currency Act 1965.

Scope and Application

The Currency Determination No. 2 of 1997, made under the Currency Act 1965, specifies the details for a one-dollar coin. This legislative instrument applies to the coin with the stated denomination and composition, detailing its standard weight, allowable variation, dimensions, and design features. The determination does not affect any other coin specifications and is limited to the particular coin outlined in the schedule. The jurisdictional reach of this Act is federal, applying across the Commonwealth of Australia, as it is an instrument made under an Act of the Commonwealth Parliament. There are no stated exclusions or exemptions in the determination itself, though it is subject to the broader provisions of the Currency Act 1965. The specifications outlined in this determination can be further extended or modified through subordinate instruments issued under the authority of the Act.

Key Provisions

The Currency Determination No. 2 of 1997, made under the authority of the Currency Act 1965, establishes the specifications for a particular coin denomination and its physical attributes. This Determination sets out the standard weight, allowable variation from the standard weight, dimensions, and design features of a coin with the denomination and standard composition specified in the Schedule (section 3). The Determination applies to a coin with a denomination of one dollar, composed of not less than 99.9% silver (section 3, Schedule, Part 1, Column 1 and 2). The standard weight of this coin is 31.635 grams, with an allowable variation of ± 0.50 grams, and it has a diameter of 40.60 mm and a thickness of 4.00 mm (section 3, Schedule, Part 1, Columns 3 and 4). The coin's design, detailed in column 5 of the Schedule, includes a circular shape with a milled edge, an obverse side featuring a circle of raised beads enclosing inscriptions and an effigy of the Queen, and a reverse side with a circle of raised beads enclosing inscriptions and a representation of a kookaburra and young in the hollow of a tree, as well as a smaller circle with a gold cameo representation of the reverse of a Japanese 1871 gold 20 yen coin (section 3, Schedule, Part 1, Column 5). The Currency Determination No. 2 of 1997 imposes specific obligations on the parties or entities involved in the minting and distribution of the one-dollar silver coin as detailed in the Determination. These obligations include adhering to the specified standard weight, allowable variation, dimensions, and design features of the coin (section 3). Minting authorities must ensure that the coins meet these specifications to maintain consistency and quality in the currency issued. Additionally, any entity involved in the production, distribution, or sale of these coins must comply with the design and composition requirements set out in the Determination. Failure to comply with the specifications and requirements set out in the Currency Determination No. 2 of 1997 may result in legal consequences. While the Determination does not explicitly outline specific offences, penalties, or consequences for non-compliance, breaches of the Currency Act 1965 or associated regulations could potentially lead to civil or criminal liability. The Currency Act 1965 provides for various offences and penalties related to currency counterfeiting, coin tampering, and other related activities. For instance, section 125 of the Act makes it an offence to counterfeit or imitate Australian currency, and section 127 makes it an offence to export or import counterfeit currency. Offences under the Currency Act can result in significant fines and imprisonment, with penalties varying depending on the severity of the offence and any aggravating factors present. It is essential for parties involved in the minting, distribution, or sale of coins to ensure strict compliance with the Determination to avoid potential legal repercussions.