Currency (Perth Mint) Amendment Determination 2010 (No. 1)

Overview

The Currency (Perth Mint) Amendment Determination 2010 (No. 1), made under the Currency Act 1965, was introduced to provide specifications for coins proposed to be issued by the Perth Mint. This determination was enacted by the Assistant Treasurer and outlines the characteristics of coins, including their composition, weight, allowable variations, design, and dimensions. The policy objective of this amendment was to ensure that the coins issued by the Perth Mint meet the required standards and specifications as stipulated by the Currency Act. This was particularly relevant for the issuance of the 2011 Year of the Rabbit Silver Standard Bullion Coin and the Silver Coloured Bullion Coin, which feature specific designs and symbols associated with the Chinese lunar year of the rabbit. The determination is a disallowable instrument under section 42 of the Legislative Instruments Act 2003.

Scope and Application

The Currency (Perth Mint) Amendment Determination 2010 (No. 1) applies to the Perth Mint's operations in issuing coins, specifically under subsection 13A(1) of the Currency Act 1965. This determination mandates that the Assistant Treasurer must provide detailed specifications for coins proposed by the Perth Mint, including their standard composition, standard weight, allowable weight variations, design, and dimensions. The determination is specifically related to the 2011 Year of the Rabbit coins, detailing the designs and specifications for both the Silver Standard Bullion Coin and the Silver Coloured Bullion Coin. The legislation operates on a national level within Australia and is not restricted by jurisdictional boundaries, though it does not explicitly state exclusions or exemptions. The Assistant Treasurer’s determination, being a disallowable instrument under the Legislative Instruments Act 2003, can be subject to parliamentary review and disallowance, ensuring oversight and accountability in the minting process.

Key Provisions

The Currency (Perth Mint) Amendment Determination 2010 (No. 1) under the Currency Act 1965, as referenced in subsection 13A(1), outlines the specifications for coins proposed for issuance by the Perth Mint. This determination provides critical details about the coins' standard composition, standard weight, allowable variation from the standard weight, design, and dimensions. For example, the 2011 Year of the Rabbit coin, available in both Silver Standard Bullion and Silver Coloured Bullion varieties, features a depiction of an adult rabbit and a young rabbit resting, surrounded by leaves and a tree with creepers, along with the Chinese symbol for 'rabbit'. The obligations imposed by this Act require that the coins meet the specified characteristics as detailed in the determination. For instance, the Silver Standard Bullion and Silver Coloured Bullion coins must adhere to the prescribed design and weight standards. The Perth Mint, as the issuer, must ensure that these specifications are strictly followed to maintain the integrity and uniformity of the currency issued. This includes maintaining the required purity of materials and ensuring that the coins' weight does not deviate beyond the allowable limits. Failure to comply with the provisions of this determination can lead to significant consequences. Although the Act does not specify explicit penalties within its text, breaches of currency regulations can result in both civil and criminal liabilities under broader legislative frameworks. Civil penalties may include fines, while criminal penalties could encompass imprisonment, reflecting the seriousness with which such breaches are regarded. The exact penalties would be determined in the context of broader legal proceedings, but they underscore the importance of adhering to the specified coin characteristics and designs.