Currency Determination No. 3 of 1997

Overview

The Currency Act 1965, enacted by the Australian Parliament, provides the legal framework for the issuance of Australia's currency. The Currency Determination No. 3 of 1997, made under the authority of the Currency Act, addresses the need to specify the physical characteristics of certain coins issued under the Act. This legislative instrument was introduced to ensure the standardisation of coin specifications, including weight, dimensions, and design, which are crucial for maintaining the integrity and acceptance of the currency within the economy. The policy objective is to maintain the quality and reliability of the nation's currency, which is essential for facilitating trade and commerce.

Scope and Application

Currency Determination No. 3 of 1997, made under the Currency Act 1965, applies to coins specified in the Schedule, which includes coins with a denomination of $1 and $30. This Determination sets out the standard composition, weight, dimensions, and design specifications for these coins, thereby governing their production and circulation within the Commonwealth of Australia. The Determination does not affect any other determination of the specifications of a coin, thus ensuring consistency and compliance with the established standards. The Determination commenced on 9 June 1997 and applies nationally, with no stated exclusions or exemptions. While the primary text of the Determination itself does not extend or restrict application, subordinate instruments may be used to further clarify or expand upon these specifications.

Key Provisions

The Currency Determination No. 3 of 1997 sets out specific specifications for certain coins. Under section 3, the Determination specifies the standard weight and allowable variation, as well as the dimensions, for coins of a particular denomination and composition. This information is detailed in Part 1 of the Schedule, which lists the denomination, standard composition, standard weight, dimensions, and design of the coins. The Determination applies to coins of the specified denomination and composition, and it does not affect any other determination of the specifications of a coin, as clarified by section 4. Entities or individuals involved in the production or distribution of the specified coins are obligated to adhere to the standards outlined in the Determination. This includes ensuring that the coins meet the specified weight, dimensions, and design requirements. The obligations extend to manufacturers, mints, and other authorised entities that produce or distribute these coins. Failure to comply with these specifications can result in the coins being deemed non-compliant with Australian currency standards. The Currency Act 1965 does not explicitly state the offences, penalties, or consequences for breaching the specifications outlined in the Currency Determination No. 3 of 1997. However, under general provisions of the Currency Act, unauthorised minting or counterfeiting of currency can result in significant penalties. For example, under section 129 of the Currency Act, an individual who is found guilty of counterfeiting can be subject to a fine of up to 10,000 penalty units or imprisonment for up to 20 years, or both. Similar penalties apply for offences related to the unauthorised production of coins. These severe penalties underscore the importance of complying with the specifications to avoid potential legal repercussions.