EXPLANATORY STATEMENT
Currency Act 1965
Currency (Perth Mint) Determination 2006 (No. 3)
Under subsection 13A(1) of the Currency Act 1965, the Parliamentary Secretary to the Treasurer has made a determination regarding the specifications of a coin proposed to be issued by the Perth Mint.
Subsection 13A(1) of the Currency Act 1965 requires that the determination provide details of a coin characteristics including standard composition, standard weight, allowable variation from standard weight, design and dimensions.
A determination made by the Treasurer is a disallowable instrument for the purposes of section 42 of the Legislative Instruments Act 2003 (Subsections 13(6) and 13A(4) of the Currency Act 1965, section 57 of the Legislative Instruments Act 2003).
This Determination is for a single coin to be issued by the Perth Mint commemorating the 50th Anniversary of the establishment of the Australian Special Air Service Regiment.
The specification of the coin is summarised below:
• 50TH Anniversary of Australian Special Air Service Regiment
The design of this silver (1oz) coin commemorates the 50th anniversary of the establishment of the Australian Special Air Service Regiment. It features a stylised border enclosing a background design consisting of two SAS men in a combat situation; three SAS men descending on ropes from a helicopter against a sunset background with a coloured skyline of trees; and a coloured representation of the winged dagger badge with the inscription ‘WHO DARES WINS’ on a stylised background.
Obverse
Consistent with all Australian legal tender coinage, an effigy of Her Majesty Queen Elizabeth II will appear on the obverse side of the coins.
Public consultation
No public consultation was undertaken in relation to the currency determination as it has limited public interest and the design of the coin is based on the commercial decision by the Perth Mint.
The determination commences on the day after it is registered.
Overview
The Currency (Perth Mint) Determination 2006 (No. 3) was enacted under subsection 13A(1) of the Currency Act 1965 to establish the specifications for a commemorative coin to be issued by the Perth Mint. This Determination was made by the Parliamentary Secretary to the Treasurer and addresses the need for a commemorative coin to celebrate the 50th Anniversary of the establishment of the Australian Special Air Service Regiment. The coin, a one-ounce silver piece, features a design that encapsulates elements of the SAS Regiment's history and ethos, including an effigy of Her Majesty Queen Elizabeth II on the obverse side, which aligns with the design of all Australian legal tender coinage. Given the specific commemorative nature and commercial decision by the Perth Mint, no public consultation was deemed necessary. The Determination is a disallowable instrument under section 42 of the Legislative Instruments Act 2003 and becomes effective the day after its registration.
Scope and Application
The Currency (Perth Mint) Determination 2006 (No. 3) applies to the specifications of a commemorative coin proposed to be issued by the Perth Mint, under the authority granted by subsection 13A(1) of the Currency Act 1965. The coin in question is intended to mark the 50th anniversary of the establishment of the Australian Special Air Service Regiment. This determination outlines the coin's characteristics, including its standard composition, weight, allowable variation, design, and dimensions. It is pertinent to note that this determination is applicable solely to the specified commemorative coin and does not extend to other coins or minting operations unless explicitly stated in further legislative instruments. The determination does not involve public consultation as the coin's design is based on a commercial decision by the Perth Mint, and its issuance has limited public interest. The scope of this determination is strictly confined to the outlined coin specifications and commences on the day following its registration.
Key Provisions
The Currency (Perth Mint) Determination 2006 (No. 3) (the Determination) outlines the specifications for a commemorative coin to be issued by the Perth Mint, pursuant to subsection 13A(1) of the Currency Act 1965. This coin, which marks the 50th anniversary of the Australian Special Air Service Regiment, has specific characteristics that include its composition, weight, allowable variations, design, and dimensions. The coin is to be minted in silver with a weight of 1oz and features a design that encapsulates various elements commemorating the SAS Regiment, including an effigy of Her Majesty Queen Elizabeth II on the obverse side (subsection 13A(1)).
Under the Currency Act 1965, the Determination imposes specific obligations on the Perth Mint regarding the coin’s specifications. The Perth Mint must adhere to the prescribed design and characteristics as detailed in the Determination. This includes ensuring the coin's standard composition, weight, allowable variation from the standard weight, and design and dimensions align with the specifications outlined in the Determination. Additionally, the coin must be consistent with all other Australian legal tender coinage in terms of the obverse side design, which must feature the effigy of Her Majesty Queen Elizabeth II.
Failure to comply with the specifications outlined in the Determination may result in legal repercussions. While the Determination does not explicitly state penalties for non-compliance, breaches of the Currency Act 1965 or the legislative instruments could lead to civil or criminal penalties. The maximum penalties for offences under the Currency Act 1965 include fines and imprisonment, depending on the nature and severity of the offence. Furthermore, as the Determination is a disallowable instrument under the Legislative Instruments Act 2003, any failure to comply with its provisions could be subject to disallowance by Parliament, thereby rendering the coin invalid as legal tender.