Currency Determination No. 7 of 1992

Overview

The Commonwealth of Australia Currency Act 1965, as amended, provides the legal framework for the issuance and regulation of currency within Australia. The Currency Determination No. 7 of 1992, made by the Parliamentary Secretary to the Treasurer, Robert McMullan, under the authority of the Currency Act, was introduced to provide specific details regarding the issuance of a $250 gold coin commemorating the 40th anniversary of Queen Elizabeth II's reign. This determination specifies the design, composition, weight, and dimensions of the coins, as well as the issue price, thereby ensuring the coins meet the standards set out in the Act. This legislative instrument was intended to fill a gap in the legal framework by providing the necessary specifications for these commemorative coins to be issued as legal tender.

Scope and Application

The Currency Determination No. 7 of 1992, made under the Currency Act 1965, outlines the specifications for the $250 coins commemorating significant members of the Royal Family: Princess Margaret, the Princess of Wales, the Princess Royal, and the Queen Mother. This Determination applies to these specific coins, detailing their shape, composition, weight, dimensions, and design elements, and it comes into effect on 19 July 1992. The Act itself pertains to the Commonwealth of Australia, thereby extending its jurisdiction nationwide. Notably, the Determination does not specify exclusions or exemptions beyond the outlined coin specifications, and it does not indicate the use of subordinate instruments to extend or restrict its application. This legislative instrument is essential for minting and circulating these commemorative coins as legal tender within Australia.

Key Provisions

The Currency Determination No. 7 of 1992 specifies the characteristics and designs of the $250 coins introduced under the Currency Act 1965. These coins, which include the Princess Margaret, Princess of Wales, Princess Royal, and Queen Mother coins, are each 250 dollars in denomination and have specific specifications regarding their shape, composition, weight, dimensions, and design (clauses 2-10). The coins are circular in shape with milled edges, composed of 11/12 gold and 1/12 other metal, and weigh 16.95 grams with a permissible variation of 0.20 grams. They have a diameter of 28.12 millimetres and a thickness of 2.10 millimetres. Each coin's design features an effigy of Queen Elizabeth II on the obverse, along with inscriptions "ELIZABETH II" and "AUSTRALIA 1992," while the reverse bears an effigy of one of the princesses surrounded by a circle of crowns, with inscriptions "ELIZABETH II 40TH ANNIVERSARY" and "250 DOLLARS" (clauses 7-10). Under this Determination, there are specific obligations placed on the minting and issuing of these coins. The minting authorities must adhere to the specifications outlined in the clauses regarding the coins' shape, composition, weight, dimensions, and design to ensure consistency and quality. Additionally, the coins must be minted in accordance with the prescribed standards, with any deviations from the specified weight within the allowable range of 0.20 grams. The issuance of these coins is also regulated, with the issue price of a $250 coin set at $2,300.92 as per clause 11. Failure to comply with the requirements set out in this Determination may result in legal consequences. While the Determination itself does not explicitly state offences or penalties for non-compliance, breaches of the Currency Act 1965 or other related legislation could result in criminal or civil penalties. Under the Currency Act, penalties for offences such as counterfeiting, altering, or defacing currency can include substantial fines and imprisonment. For instance, the Act provides for penalties of up to 20 years imprisonment for serious offences such as making or using counterfeit currency, while lesser offences may attract fines up to several thousand Australian dollars. The precise penalties would depend on the nature and severity of the breach, as well as any relevant provisions in other applicable laws.