Currency Determination No. 5 of 1997

Overview

The Currency Determination No. 5 of 1997 was made under subsection 13A(1) of the Currency Act 1965 by Charles Roderick Kemp, Assistant Treasurer, on behalf of the Treasurer. The Act, enacted in 1965, was introduced to consolidate and amend the laws relating to the currency and provides the authority for issuing legal tender and regulating the design and specifications of coins. The determination sets out the specifications for certain coins, including their weight, dimensions, and design, and was made to provide detailed specifications for the 5-dollar coins commemorating the Sydney 2000 Olympics, ensuring consistency and compliance with legal standards for currency. The policy objective, as stated in the Act, is to maintain the integrity and quality of the nation's currency.

Scope and Application

The Currency Determination No. 5 of 1997 applies to the specifications of certain coins issued under the Currency Act 1965. Specifically, it sets out the standard composition, weight, dimensions, and design of the $5 coin, detailing these features in the Schedule to the Determination. This legislation applies to entities involved in the minting and production of Australian currency, including the Royal Australian Mint and other authorised mints, as well as to any coins produced or circulated within Australia that comply with these specifications. The determination does not affect any other determinations regarding coin specifications and operates under the Commonwealth jurisdiction, covering the entire nation. There are no exclusions, exemptions, or thresholds explicitly stated within the determination itself, although compliance with these specifications is essential for the legal tender status of the coins. The Currency Act 1965 may also provide for further extensions or restrictions through subordinate instruments, although this specific determination focuses solely on the outlined specifications for the $5 coin.

Key Provisions

The Currency Determination No. 5 of 1997 sets out the specifications for certain five-dollar coins minted by the Commonwealth of Australia. According to section 3, these specifications include the coins' standard weight and allowable variations, as well as their dimensions. The determination also details the design features of the coins, including the shape, edge, and both the obverse and reverse designs, as outlined in Part 1 of the Schedule. This determination does not override any other specifications for coins set by previous determinations (section 4). The obligations imposed by this determination primarily concern the minting of five-dollar coins in compliance with the specifications provided. Minters and manufacturers must ensure that the coins meet the prescribed weight, dimensions, and design features as detailed in the Schedule. The coins must be made of the specified standard composition, and their design must accurately reflect the obverse and reverse images outlined in the determination. Breaches of the Currency Determination No. 5 of 1997 could potentially lead to legal consequences, although specific penalties are not detailed within this determination. Generally, under the Currency Act 1965, penalties for non-compliance with currency specifications can include fines and imprisonment. However, the exact penalties would depend on the nature and extent of the breach, as well as other relevant legislation.