Currency Determination No. 5 of 1998

Overview

The Currency Determination No. 5 of 1998 was enacted under the Currency Act 1965 by the Assistant Treasurer, Charles Roderick Kemp, to specify the standards for certain Australian coins, particularly those commemorating the Sydney 2000 Olympic Games. This legislative instrument was issued to establish the precise composition, weight, dimensions, and design specifications for particular coins in circulation, ensuring consistency and quality in Australia's currency. The policy objective behind this determination was to provide clear guidelines for the minting of commemorative coins that would not only honour significant events like the Olympic Games but also maintain the integrity and recognisability of the nation's currency. This determination took effect on 29 June 1998, with certain provisions commencing earlier on 20 March 1998, and it amended previous specifications to align with the new standards for the commemorative coins. The document details the specific requirements for various denominations, including their material composition, weight variations, and detailed design elements such as shape, edge, and both obverse and reverse imagery. This meticulous specification ensures that the coins meet the high standards expected of Australian currency while also celebrating the cultural and historical significance of the Sydney 2000 Olympics.

Scope and Application

The Currency Determination No. 5 of 1998 is a legislative instrument made under the Currency Act 1965, specifying the standard weight, allowable variation from that weight, dimensions, and design of certain coins in circulation. This determination applies to coins with specific denominations and standard compositions, as outlined in the Schedule, and sets forth the specifications for each coin, including their shape, edge, and both obverse and reverse designs. The determination impacts the entities responsible for minting and issuing these coins, ensuring that they meet the prescribed standards to maintain currency integrity. The Determination has a national reach and is applicable across the Commonwealth of Australia, with its provisions enforced to maintain the uniformity and quality of the nation's currency. The application of this Determination is exclusive to the coins specified and does not affect other determinations regarding coin specifications. Notably, this Determination amends the previous Currency Determination No. 4 of 1998 by modifying the columns referenced in the specifications of the coins. The Determination took effect on 29 June 1998, with a specific clause commencing earlier on 20 March 1998. No exclusions or exemptions are explicitly stated in the text, and the application of the Determination is direct, with no mention of extension or restriction through subordinate instruments.

Key Provisions

The Currency Determination No. 5 of 1998 made under the Currency Act 1965 specifies the details and specifications of certain commemorative coins, including their denomination, standard composition, standard weight and allowable variation, dimensions and design. This Determination applies to coins listed in Part 1 of the Schedule and does not affect any other determination of coin specifications (sections 3 and 4). The Act imposes specific requirements on the parties or entities involved, such as minting the coins according to the specified standards and designs. The coins must adhere to the set weight, dimensions and design features as detailed in the Schedule. The coin specifications must also comply with the overarching Currency Act 1965. There are no explicit offences, penalties, or civil/criminal consequences mentioned for breach of the Currency Determination No. 5 of 1998 itself. However, any breach of the Currency Act 1965, under which this Determination is made, may incur penalties as prescribed by the Act. These penalties may include fines or imprisonment, depending on the nature and severity of the breach. It is essential to note that the penalties for breaching the Currency Act 1965 would be applicable in cases where the Determination is contravened.