Currency (Perth Mint) Determination 2000 (No. 7)

Overview

The Currency (Perth Mint) Determination 2000 (No. 7) was enacted to provide specific specifications for a particular coin issued by the Perth Mint, under the authority of the Currency Act 1965. This legislation was introduced to ensure that coins produced by the Perth Mint meet precise standards in terms of weight, composition, dimensions, and design, thereby maintaining the integrity and quality of Australia's currency. Enacted by the Minister for Financial Services and Regulation, this Determination aims to clearly define the specifications of a specified coin, ensuring consistency and quality across the minting process. This Determination, which came into effect upon gazettal, sets forth the detailed specifications for a one-dollar silver coin, including its weight, composition, dimensions, and design elements. The policy objective is to uphold the standards of Australia's legal tender, ensuring that the coins not only meet the prescribed standards but also reflect national symbols and values, thereby preserving the trust and reliability of the currency in circulation. The specifications outlined in this Determination are distinct and do not affect the specifications of any other coins as determined under the Currency Act.

Scope and Application

The Currency (Perth Mint) Determination 2000 (No. 7) applies specifically to the minting of coins by the Perth Mint, setting forth detailed specifications for coins with particular denominations and compositions. This Determination, made under subsection 13A(1) of the Currency Act 1965 by the Minister for Financial Services and Regulation, delineates the standard weight, allowable variations, dimensions, and design elements of the coins. It does not interfere with any other Determination regarding the specifications of coins. This Determination applies to any coin produced by the Perth Mint meeting the specified denomination and composition as outlined in the schedule, ensuring consistency and quality in the minting process across the Commonwealth of Australia. It is important to note that the specifications outlined in this Determination are exclusive to the coins defined and do not affect other types of coins or minting operations.

Key Provisions

The Currency (Perth Mint) Determination 2000 (No. 7) outlines specific details regarding a coin's denomination, composition, weight, dimensions, and design. The determination, made under the Currency Act 1965, specifies the coin’s denomination and normal weight in ounces, its standard composition, the standard weight and allowable variation in grams, the dimensions of the coin, and the design elements (section 3). For example, it specifies that a $1 coin must be made of at least 99.9% silver, have a standard weight of 31.635 grams with an allowable variation of 0.500 grams, a diameter of 40.60 mm, a thickness of 4.00 mm, and a specific design including an obverse with an effigy of Queen Elizabeth II and a reverse featuring a representation of two kookaburras and a Federation Star (Schedule 1, Part 1). The obligations imposed by this Determination on the Perth Mint and any other entity involved in the production of the specified coin include adhering strictly to the outlined specifications. This includes ensuring that the coin meets the exact weight and composition standards, as well as the precise dimensions and design elements as detailed in the Determination (section 3). Any deviation from these specifications could result in the coin not meeting the legal standards set forth by the Currency Act 1965. Failure to comply with the specifications set out in this Determination could result in legal consequences. Although the Determination does not explicitly detail the penalties for non-compliance, breaches of the Currency Act 1965, under which this Determination is made, can lead to significant civil or criminal penalties. The Currency Act 1965 provides for offences including counterfeiting and the production of unauthorised coins, which carry severe penalties, including substantial fines and imprisonment terms. The exact penalties depend on the nature and severity of the breach but can include fines of up to $220,000 for individuals and $1,100,000 for corporations, alongside imprisonment for up to 10 years for the most serious offences.