Currency Determination No. 4 of 1997

Overview

The Currency Act 1965 was enacted to provide a legal framework for the issuance of currency in Australia, including coins. The Currency Determination No. 4 of 1997 was made under the authority of the Currency Act 1965 by the Assistant Treasurer, on behalf of the Treasurer, and it specifies the standards and specifications for certain coins. This Determination was introduced to ensure that the physical characteristics of coins meet the required standards for circulation, and it came into effect on 29 September 1997. This Determination does not affect any other determination of the specifications of a coin. The policy objective of the Currency Act 1965 and the Currency Determination No. 4 of 1997 is to ensure that the Australian currency system is efficient, reliable, and secure, and to provide a legal framework for the issuance of currency in Australia, including coins.

Scope and Application

The Currency Determination No. 4 of 1997 is a legislative instrument under the Currency Act 1965 that specifies the specifications of certain coins issued by the Commonwealth of Australia. This determination applies to coins with the denomination and standard composition specified in the schedule and includes details such as the standard weight, allowable variation, dimensions, shape, edge, and design. The coins covered include five-dollar coins made from copper, zinc, aluminium, and tin, as well as five-dollar and one-hundred-dollar coins made from 99.9% silver and 99.99% gold, respectively. These coins have been issued to commemorate the Sydney 2000 Olympic Games. The determination does not affect any other determination of the specifications of a coin. The application of this determination extends to all coins manufactured and issued by the Commonwealth of Australia that meet the specified criteria. The determination applies nationally, covering all states and territories within the Commonwealth of Australia. The Currency Determination No. 4 of 1997 does not explicitly state any exclusions, exemptions, or thresholds. However, the scope of application may be extended or restricted through subordinate instruments or subsequent determinations under the Currency Act 1965.

Key Provisions

The Currency Determination No. 4 of 1997, made under subsection 13A(1) of the Currency Act 1965, establishes specific specifications for certain coins, including their weight, dimensions, and design. This Determination (sections 3 and 4) specifies the standard weight, allowable variation, dimensions, and design for coins of various denominations, including $5 and $100 coins, and their respective compositions such as copper, zinc, aluminium, tin, silver, and gold. It is important to note that this Determination does not affect other determinations of coin specifications. Entities and individuals involved in the production or circulation of these coins are required to adhere to the specifications outlined in the Determination (section 3). For example, manufacturers must ensure that the coins meet the specified weight, dimensions, and design requirements. Additionally, the designs must reflect the prescribed features, including the shape, edge, obverse, and reverse, as detailed in the Schedule. Breaches of this Determination can result in legal consequences. While the Determination itself does not explicitly state penalties for non-compliance, it falls under the purview of the Currency Act 1965. Under the Currency Act, offences related to the production or circulation of coins that do not meet the specified standards could lead to criminal charges. The potential penalties for such offences could include fines and/or imprisonment, depending on the severity of the breach and the discretion of the court. The precise penalties would be determined based on the relevant provisions of the Currency Act 1965 and any applicable regulations or subsidiary legislation.