EXPLANATORY STATEMENT
Currency Act 1965
Currency (Perth Mint) Determination 2005 (No. 4) Amendment Determination 2005 (No. 2)
Under subsection 13A(1) of the Currency Act 1965, the Parliamentary Secretary to the Treasurer made a determination earlier in 2005 regarding the specifications of precious coins proposed to be issued by the Perth Mint. The determination is Currency (Perth Mint) Determination 2005 (No. 1).
As required by subsection 13A(1), the determination provides details of the coins’ characteristics including standard composition, standard weight, allowable variation from standard weight, design and dimensions.
The maximum diameter of one coin in that determination has now been varied at the request of the Perth Mint. Specifically, schedule 1, item 5 of Currency (Perth Mint) Determination 2005 (No. 1) has been varied so that the maximum diameter of the coin described in that item is now 25.10mm, rather than 25.00mm.
The variation has been made by Currency (Perth Mint) Determination 2005 (No. 4) Amendment Determination 2005 (No. 2).
Such a determination is a disallowable instrument for the purposes of section 42 of the Legislative Instruments Act 2003 (section 13A(4) of the Currency Act 1965, section 57 of the Legislative Instruments Act 2003).
Public consultation
No public consultation was undertaken in relation to the amending currency determination as it made a minor technical amendment.
The determination commences on the day after it is registered.
Overview
The Currency (Perth Mint) Determination 2005 (No. 4) Amendment Determination 2005 (No. 2) is an amendment to the Currency (Perth Mint) Determination 2005 (No. 1) made earlier in the same year under subsection 13A(1) of the Currency Act 1965. The Currency Act 1965 was enacted to address issues surrounding the legal tender and production of currency in Australia, ensuring that the nation's currency is both a reliable medium of exchange and a symbol of national identity. The amending determination was made by the Parliamentary Secretary to the Treasurer in response to a request from the Perth Mint to adjust the specifications of certain precious coins, specifically increasing the maximum diameter of one coin from 25.00mm to 25.10mm. This minor technical adjustment was deemed not to require public consultation and it is a disallowable instrument under the Legislative Instruments Act 2003. The amendment determination took effect on the day after its registration.
The Currency (Perth Mint) Determination 2005 (No. 4) Amendment Determination 2005 (No. 2) ensures that the specifications of precious coins issued by the Perth Mint comply with the requirements set out in the Currency Act 1965, reflecting the Mint's operational needs while maintaining the integrity and quality of Australia's currency. The amendment determination is a precise and targeted legislative instrument, demonstrating the flexibility of the Currency Act to accommodate minor changes in the production of coins without disrupting the broader regulatory framework.
Scope and Application
The Currency (Perth Mint) Determination 2005 (No. 4) Amendment Determination 2005 (No. 2) applies to the Perth Mint, an entity responsible for minting precious coins under the Currency Act 1965. This determination amends a previous determination made earlier in 2005, which specified the characteristics of precious coins to be issued by the Perth Mint. The amendment modifies the maximum diameter of one coin, changing it from 25.00mm to 25.10mm, addressing a minor technical issue. This amendment is made under the authority of subsection 13A(1) of the Currency Act 1965, and it is subject to the disallowable instrument provisions of the Legislative Instruments Act 2003. Given that this amendment is a technical change, no public consultation was conducted. The determination takes effect on the day after it is registered.
Key Provisions
The Currency (Perth Mint) Determination 2005 (No. 2) amends the earlier Currency (Perth Mint) Determination 2005 (No. 1) by modifying the specifications of the coins issued by the Perth Mint. Specifically, the amendment changes the maximum diameter of one of the coins from 25.00mm to 25.10mm (Schedule 1, item 5). This is a minor technical change that responds to a request from the Perth Mint to adjust the coin's size. The amended determination provides updated specifications for the coins' characteristics, including standard composition, standard weight, allowable variation from standard weight, design, and dimensions.
The Currency Act 1965 imposes certain obligations on the Perth Mint and other parties involved in the minting of coins. Under section 13A, the Mint must comply with the specifications outlined in the determinations made by the Parliamentary Secretary to the Treasurer. These specifications are critical for ensuring the quality and uniformity of the coins issued. The Mint must adhere to the new specifications set forth in the amended determination, ensuring that the coins meet the required standards for diameter and other characteristics. The Act also places obligations on the Mint to maintain records and report any deviations from the specified standards.
Breaches of the specifications outlined in the Currency (Perth Mint) Determination 2005 (No. 2) can have legal consequences. Although the determination itself does not explicitly state penalties for non-compliance, failure to adhere to the specifications could potentially lead to civil or criminal liabilities under other sections of the Currency Act 1965 or related legislation. For instance, if the Mint produces coins that do not meet the specified standards, this could result in legal action against the Mint for producing substandard currency. The penalties for such actions could include fines or other sanctions as prescribed by relevant laws governing currency production and distribution.