Currency Determination No. 6 of 1999

Overview

Currency Determination 1999 (No. 6) was made by the Minister for Financial Services and Regulation, Joe Hockey, under the authority of the Currency Act 1965. This legislative instrument was introduced to specify the standards and designs for certain coins, thereby ensuring consistency and quality in the production of Australian currency. This Determination sets out the specifications for coins, including their weight, dimensions, and design features, without affecting any other specifications for coins determined under the Currency Act. The objective is to maintain the integrity and recognition of Australian currency, particularly in the context of commemorative coins such as those issued for the Sydney 2000 Olympics, by clearly defining their physical and aesthetic characteristics.

Scope and Application

The Currency Determination 1999 (No. 6) specifies the design, dimensions, weight, and allowable variations for certain coins issued under the Currency Act 1965. This Determination applies to coins with specific denominations and standard compositions as outlined in Schedule 1, detailing their standard weight, allowable variations, dimensions, and design features. The Determination applies to all coins specified in the Schedule and does not affect any other Determination of coin specifications. It comes into effect upon gazettal and applies nationally within Australia, governing the production and circulation of these coins across the Commonwealth. The Determination does not explicitly state any exclusions or exemptions but implies that its scope is limited to the coins and specifications it details, thereby excluding all other coins not specified within this legislative instrument.

Key Provisions

This Currency Determination 1999 (No. 6) sets forth the specifications for certain coins issued under the Currency Act 1965. Specifically, section 3 of the Determination outlines the standard weight, allowable variation from that weight, dimensions, and design for coins of specified denomination and standard composition, as detailed in Schedule 1, Part 1. The coins in question are those with a denomination of $5 and $10 made from 99.9% silver, and a $10 coin made from 99.9% gold. The determination ensures these coins meet the criteria specified in the schedule, which includes their physical attributes such as weight, dimensions, and the design elements on both the obverse and reverse sides. Under this Determination, it is essential for the entities responsible for minting these coins to adhere strictly to the specifications outlined in the schedule. This includes ensuring the coins are of the correct weight, have the specified dimensions, and bear the designated design elements. The obligation on the minting authority is to produce coins that meet these standards to maintain the integrity and value of the currency. Failure to comply with these specifications could result in the coins not being recognised as legal tender or being deemed unfit for circulation. Breach of the provisions outlined in this Determination may lead to legal consequences. Although the Determination itself does not explicitly state offences or penalties, any non-compliance with the Currency Act 1965 or its subordinate legislation could attract penalties under that Act. These could include fines and, in severe cases, criminal charges for actions such as counterfeiting or defrauding the public by issuing non-compliant currency. The exact penalties would be determined in accordance with the relevant provisions of the Currency Act 1965, which may include significant fines and imprisonment.