Explanatory Statement
Currency Act 1965
Currency (Perth Mint) Amendment Determination (No. 1) 2016
Under subsection 13A(1) of the Currency Act 1965, the then Assistant Treasurer made the Currency (Perth Mint) Determination 2016 (No. 1) regarding the design and specifications of coins proposed to be issued by the Perth Mint.
Subsection 13A(1) of the Currency Act 1965 requires that the determination provides details of the coins’ characteristics, including standard composition, standard weight, allowable variation from standard weight, design and dimensions.
This amendment determination is a disallowable instrument for the purposes of section 42 of the Legislation Act 2003.
Amendment of Currency (Perth Mint) Determination 2016 (No. 1)
Item 19 of Schedule 1, Part 1 Currency (Perth Mint) Determination 2016 (No. 1) was not manufactured within the determined specifications. The Currency (Perth Mint) Amendment Determination (No. 1) 2016 reflects the actual coin specifications achieved by the manufacturing process. Item 1 omits the maximum diameter and substitutes “41.00” and item 2 omits the maximum thickness and substitutes “10.00”.
Commencement
This determination commences on the day after it is registered.
The proposed amendments do not contravene subsection 12(2) of the Legislation Act 2003 by having either of the following effects:
(a) affecting the rights of a person (other than the Commonwealth or an authority of the Commonwealth) as at the date of registration so as to disadvantage that person; or
(b) imposing liabilities on a person (other than the Commonwealth or an authority of the Commonwealth) in respect of anything done or omitted to be done before the date of registration.
Public Consultation
GoldCorp Australia has undertaken consultation among its network of Australian and international wholesale distributors. Authorised Australian distributors of Perth Mint products are consulted regularly during business meetings and participation at the Australian Numismatic Dealers’ Association Coin, Banknote and Stamp shows. Likewise, international distributors are consulted during a schedule of individual meetings hosted during the World Money Fair held in Berlin and the American Numismatic Association’s World’s Fair of Money.
Limited consultation is conducted with external parties due to the confidentiality of coin themes and artwork, due to the risk of competitors viewing innovations and potentially releasing similar coins into the market prior to release.
Members of the public have the opportunity to contact GoldCorp Australia to present any themes they would like to see commemorated on Australian legal tender. These concepts are then researched and presented to GoldCorp Australia’s sales and marketing department for consideration and feedback.
Statement of Compatibility with Human Rights
Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011
Currency (Perth Mint) Amendment Determination (No. 1) 2016
This Legislative Instrument is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.
Overview of the Legislative Instrument
The purpose of this Legislative Instrument is to amend the determined maximum diameter and thickness of one numismatic coin to be released by the Perth Mint.
Human rights implications
This Legislative Instrument does not engage any of the applicable rights or freedoms.
Conclusion
This Legislative Instrument is compatible with human rights as it does not raise any human rights issues.
Overview
The Currency (Perth Mint) Amendment Determination (No. 1) 2016 is a legislative instrument enacted to amend the previously determined specifications of coins issued by the Perth Mint under the Currency Act 1965. This amendment addresses the issue where certain coins were not manufactured within the originally determined specifications. The determination, which is a disallowable instrument under the Legislation Act 2003, updates the maximum diameter and thickness of a particular numismatic coin to reflect the actual specifications achieved during the manufacturing process. This adjustment ensures compliance with the Currency Act 1965's requirements for coin design and specifications. The amendment aims to correct discrepancies without imposing any liabilities or disadvantaging individuals as per the Legislation Act 2003. The determination has been subject to consultation with relevant stakeholders, including Australian and international distributors, while maintaining confidentiality regarding coin themes and artwork.
Scope and Application
The Currency (Perth Mint) Amendment Determination (No. 1) 2016 amends the Currency (Perth Mint) Determination 2016 (No. 1) under the Currency Act 1965. This determination is pertinent to the Perth Mint, an entity responsible for the design and specifications of coins to be issued. The amendment specifically revises the maximum diameter and thickness of a particular numismatic coin, aligning the specifications with those achieved during the manufacturing process. The determination is applicable within the Commonwealth of Australia and does not extend beyond the jurisdictional reach specified by the Currency Act 1965. It does not impose any liabilities or affect the rights of any person as it pertains solely to the specifications of the coins, ensuring compliance with the legislative requirements of the Currency Act. The amendment determination is a disallowable instrument under the Legislation Act 2003 and became effective on the day after its registration.
Key Provisions
The Currency (Perth Mint) Amendment Determination (No. 1) 2016 amends the Currency (Perth Mint) Determination 2016 (No. 1) under subsection 13A(1) of the Currency Act 1965. Specifically, the amendment adjusts the specifications of a numismatic coin produced by the Perth Mint. The original determination specified maximum diameter and thickness for the coin, but these were not achieved during manufacturing. The amendment substitutes the original specifications with new ones, setting the maximum diameter at 41.00 millimetres and the maximum thickness at 10.00 millimetres, as outlined in Item 1 and Item 2 respectively.
This amendment imposes specific obligations on GoldCorp Australia, the entity responsible for the coin's production, to ensure that the coins are manufactured to the new specifications. It also requires GoldCorp Australia to consult with its network of Australian and international distributors to inform them of these changes. The amendment determination reflects the actual specifications achieved during the manufacturing process, thus ensuring that the coins meet the legal standards set by the Currency Act 1965.
Failure to comply with the amended specifications could result in legal consequences for GoldCorp Australia, as the coins would not conform to the legal standards set by the Currency Act 1965. However, the determination does not specify particular offences, penalties, or civil/criminal consequences for non-compliance, leaving such matters to be addressed under the broader provisions of the Currency Act 1965. This includes potential penalties for producing coins that do not meet the legal specifications, which could involve fines or other legal sanctions.