Currency (Perth Mint) Determination 2001 (No. 2A) Amendment Determination 2002 (No. 1)

Overview

The Currency (Perth Mint) Determination 2001 (No. 2A) Amendment Determination 2002 (No. 1) was enacted in 2002 by Ian Gordon Campbell, the Parliamentary Secretary to the Treasurer, under subsection 13A(1) of the Currency Act 1965. This amendment aims to refine the specifications for gold coins produced by the Perth Mint, addressing any inconsistencies or discrepancies in the previously established standards. The amendment updates the purity requirement for gold content in coins from 9.99% to 99.99% and adjusts the tolerance for coin weight from 16.00 ± 0.500 to 16.439 ± 0.530. This legislative instrument ensures that the coins meet high standards of quality and precision, thereby maintaining the integrity and reliability of the currency produced. The determination was introduced to address issues arising from the initial Currency (Perth Mint) Determination 2001 (No. 2A) by enhancing the accuracy and reliability of the specifications for gold coins. The policy objective is to uphold the quality standards of Australian currency, ensuring that the coins produced meet stringent criteria for purity and weight. The Currency Act 1965 provides the legislative framework within which these amendments are authorised, reflecting the Commonwealth’s commitment to maintaining the integrity of its currency system.

Scope and Application

The Currency (Perth Mint) Determination 2001 (No. 2A) Amendment Determination 2002 (No. 1) applies to the specifications of gold content and weight for Australian Nugget gold coins produced by the Perth Mint, amending the original determination made in 2001. This Determination is made under the authority of subsection 13A(1) of the Currency Act 1965 and commenced upon gazettal on 11 September 2002. It amends the Currency (Perth Mint) Determination 2001 (No. 2A) by adjusting the gold purity from 9.99% to 99.99% and the weight tolerance from ±0.500 grams to ±0.530 grams, reflecting changes in the standards for these coins. The Determination applies specifically to the entities involved in the minting and issuance of these gold coins by the Perth Mint and is geographically limited to Australia. There are no stated exclusions or exemptions within this Determination; however, it is possible that further application or restrictions may be specified through subordinate instruments under the Currency Act 1965.

Key Provisions

The Currency (Perth Mint) Determination 2001 (No. 2A) Amendment Determination 2002 (No. 1) provides amendments to the Currency (Perth Mint) Determination 2001 (No. 2A). This amendment focuses primarily on modifying the specifications for the fineness of gold and silver coins minted by the Perth Mint. Under this Determination, the fineness of gold coins has been updated from 9.99% to 99.99%, and the weight tolerance for these coins has been adjusted from 16.00 ± 0.500 grams to 16.439 ± 0.530 grams. These changes are detailed in Schedule 1 of the Determination, which directly amends the original Determination to reflect these new standards. The Determination imposes specific obligations on the Perth Mint regarding the production of coins. The Mint must adhere to the updated specifications for gold and silver coins, ensuring that the coins meet the new fineness and weight standards as outlined in the amended schedule. This includes implementing quality control measures to ensure that each coin produced meets these precise specifications. The Determination also requires the Mint to maintain accurate records of the production processes and the compliance of each coin with the updated standards. Failure to comply with the requirements set out in this Determination can lead to significant consequences. While the Determination does not explicitly detail specific offences, penalties, or consequences for non-compliance, breaches of such legislative instruments can generally lead to enforcement actions under the Currency Act 1965. This could include fines or other penalties as prescribed by the relevant authorities. The precise nature and extent of these penalties would be determined based on the severity of the breach and the discretion of the relevant regulatory bodies. It is important for the Perth Mint to adhere to these standards to avoid any legal repercussions and to maintain the integrity and quality of Australian currency.