Currency (Issue, and Issue Price, of Coins) Delegations 2022

Administered by Department of the Treasury

Legislation au F2022N00139 In force Notifiable Instrument

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Currency (Issue, and Issue Price, of Coins) Delegations 2022

I, Dr James Edward Chalmers, Treasurer, make the following delegations.

Dated   9 June 2022

 

Dr James Edward Chalmers

Treasurer

 

 

 

 

Contents

Part 1—Preliminary

1  Name 

2  Commencement

3  Authority

4  Definitions

Part 2—Delegations

5  Issue of coins

6  Persons authorised to determine issue price of coins of certain denominations

Part 3—Repeals

7  Revocation of previous delegations

Part 1—Preliminary

 

1  Name

  This instrument is the Currency (Issue, and Issue Price, of Coins) Delegations 2022.

2  Commencement

 (1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1.  The whole of this instrument

The day after this instrument is registered.

 

Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.

 (2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

3  Authority

  This instrument is made under the Currency Act 1965.

4  Definitions

Note: Paragraph 13(1)(b) of the Legislation Act 2003 has the effect that expressions have the same meaning in this instrument as in the Currency Act 1965 as in force from time to time.

  In this instrument:

ABN has the meaning given by the A New Tax System (Australian Business Number) Act 1999.

Gold Corporation means the corporation established by section 4 of the Gold Corporation Act 1987 (WA) (ABN 98 838 298 431).

SES Band 2 means an SES employee who has been allocated an SES Band 2 classification.

the Act means the Currency Act 1965.

Treasury means the Department of the Treasury.

Part 2—Delegations

 

5  Issue of coins

  Under subsection 14(1) of the Act, each person occupying, or performing the duties of, one of the following positions may make and issue coins of the denominations of money specified, or taken to be specified, in the Schedule to the Act:

 (a) the Chief Executive Officer of the Royal Australian Mint;

 (b) the Chief Executive Officer of the Gold Corporation.

6  Persons authorised to determine issue price of coins of certain denominations

Delegations

 (1) Under subsection 14A(2) of the Act, each person occupying, or performing the duties of, one of the following positions is delegated the Treasurer’s powers under subsection 14A(1) of the Act:

 (a) the Chief Executive Officer of the Royal Australian Mint;

 (b) the Chief Executive Officer of the Gold Corporation;

 (c) the Secretary to the Treasury;

 (d) a Deputy Secretary in the Treasury;

 (e) an SES Band 2 in the Treasury.

Directions

 (2) Under subsection 14A(5) of the Act, a person delegated a power under subsection (1) is directed to exercise the power in accordance with all of the following:

 (a) the Treasurer is to initially determine the price at which a coin is to be issued, with the delegate only exercising the power under subsection 14A(1) of the Act to vary that price or a previously varied price;

 (b) coins must not be issued at a price lower than the total market value of the gold, silver and platinum that make up the standard composition of the coin on the day of issue;

 (c) the delegate must maintain a record of each time the delegate exercises the power under subsection 14A(1) and make that record available to an officer in the Treasury upon request;

 (d) before exercising the power under subsection 14A(1), the delegate is to have regard to all of the following:

 (i) market conditions (globally and in particular regions);

 (ii) secondary markets in which it is expected that the particular coins may be on-sold;

 (iii) the volume of coins that may be sold to any particular buyer;

 (iv) the particulars of the coin and its finish;

 (v) costs of issuing the coin (including the packaging and presentation costs);

 (vi) the desirability of disposing of the remainder of particular coins;

 (vii) if identical coins are to be issued at different prices—the timing of the issue of the coins, the nature of the buyers and particular classes of buyers, differing packaging and presentation costs, and other relevant matters;

 (viii) any other matter relevant to allow the issue price to reflect market conditions.

 (3) Under subsection 14A(5) of the Act, a person delegated a power under either paragraph 6(1)(a) or (b) is directed to exercise the power only in relation coins issued by that delegate or another person occupying, or performing the duties of, the same position as the position held by the delegate.

Part 3—Repeals

 

7  Revocation of previous delegations

  Under subsection 14A(2) of the Act, all previous delegations of the Treasurer’s power under subsection 14A(1) of the Act, are revoked.

Overview

The Currency (Issue, and Issue Price, of Coins) Delegations 2022I, enacted by Dr James Edward Chalmers, Treasurer, and issued under the authority of the Currency Act 1965, aim to address the need for streamlined delegation of responsibilities concerning the issuance and pricing of coins. This instrument delegates specific powers to authorised officers, thereby facilitating more efficient management of the coin production process. The Currency Act 1965, enacted by the Parliament of Australia, was designed to provide a framework for the issuance and regulation of Australia's currency, including coins. The policy objective behind these delegations is to ensure that coin issuance and pricing are handled by qualified individuals, thereby enhancing the effectiveness and responsiveness of these operations. The Currency (Issue, and Issue Price, of Coins) Delegations 2022I revokes all previous delegations related to the issue price of coins, further clarifying and consolidating the responsibilities assigned to authorised officers.

Scope and Application

The Currency (Issue, and Issue Price, of Coins) Delegations 2022I, made under the Currency Act 1965, delegates specific powers to authorised officials within the Royal Australian Mint, the Gold Corporation, and the Department of the Treasury. This instrument empowers certain high-ranking officials, including Chief Executive Officers and Deputy Secretaries, to make and issue coins of specified denominations and to determine the issue price of coins of certain denominations, subject to guidelines provided by the Treasurer. The act applies to entities involved in the minting and issuing of currency coins in Australia, specifically the Royal Australian Mint and the Gold Corporation, as well as to the Department of the Treasury and its employees. The geographic reach of the act is national, applying across Australia in accordance with the Currency Act 1965. The instrument revokes all previous delegations concerning the issue price of coins, ensuring that only the current delegations outlined in this document are valid.

Key Provisions

The main operative sections of the Currency (Issue, and Issue Price, of Coins) Delegations 2022 (the "Instrument") pertain to the delegation of authority concerning the issuance and pricing of coins. Section 5 of the Instrument specifies that the Chief Executive Officer of the Royal Australian Mint and the Chief Executive Officer of the Gold Corporation are authorised to make and issue coins of the denominations specified or taken to be specified in the Schedule to the Currency Act 1965. Section 6 further details the delegation of the Treasurer’s powers under the Currency Act, allowing the Chief Executive Officer of the Royal Australian Mint, the Chief Executive Officer of the Gold Corporation, the Secretary to the Treasury, a Deputy Secretary in the Treasury, and an SES Band 2 in the Treasury to determine the issue price of certain coins. The Instrument includes directions for exercising these powers, such as ensuring that coins are not issued at a price lower than their total market value on the day of issue and maintaining records of any price variations. The Instrument imposes specific obligations and requirements on the parties it governs. It mandates that the Chief Executive Officer of the Royal Australian Mint and the Chief Executive Officer of the Gold Corporation must make and issue coins as specified in the Currency Act. Additionally, it requires the delegates to consider various factors before determining the issue price of coins, such as market conditions, secondary markets, and packaging costs. Furthermore, these delegates must maintain and provide records of any price variations upon request from an officer in the Treasury. The Instrument does not explicitly state any offences, penalties, or civil/criminal consequences for breach. However, given the nature of the delegations and the directions provided, non-compliance with the directions for issuing coins at a price lower than their total market value or failure to maintain required records could potentially result in legal consequences under the Currency Act 1965 or other relevant legislation. The exact penalties would depend on the specific breaches and the applicable laws.

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Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.