EXPLANATORY STATEMENT
Currency Act 1965
Currency (Perth Mint) Determination 2014 (No. 2)
Under subsection 13A(1) of the Currency Act 1965, the Parliamentary Secretary to the Treasurer has made a determination regarding the specifications of coins proposed to be issued by the Perth Mint.
Subsection 13A(1) of the Currency Act 1965 requires that the determination provide details of coin characteristics including standard composition, standard weight, allowable variation from standard weight, design and dimensions.
A determination made by the Parliamentary Secretary to the Treasurer is a disallowable instrument for the purposes of section 42 of the Legislative Instruments Act 2003.
- 2014 Australian Saltwater Crocodile - Silver Bullion Coin
The design on the 2014 Australian Saltwater Crocodile (1oz) silver bullion coin consists of a representation of a saltwater crocodile surrounded by a circle. The coin includes the following inscriptions ‘AUSTRALIAN SALTWATER CROCODILE’, ‘2014 1oz 999 SILVER’, and the initials of the designer Natasha Muhl ‘NM’.
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 and Licensed Post Office Conferences held throughout Australia. 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.
In some instances when a major program is in concept stage Perth Mint would conduct market research through focus groups to assist us in preparing designs.
Limited consultation is conducted with external parties due to the confidentiality of coin themes and artwork, due to the risk of competitors viewing Perth Mint innovations and potentially releasing similar coins into the market prior to release.
Members of the public have the opportunity to contact Perth Mint 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) Determination 2014 (No. 2)
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 determine the weight, dimension and composition of a new bullion 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) Determination 2014 (No. 2), enacted under the Currency Act 1965, addresses the need for clear specifications on coins issued by the Perth Mint, particularly focusing on the characteristics of bullion coins. This determination, made by the Parliamentary Secretary to the Treasurer, outlines the standard composition, weight, allowable variation, design, and dimensions of the proposed coins. The 2014 Australian Saltwater Crocodile - Silver Bullion Coin is specified to have a weight of 1oz, composed of 999 silver, and designed with a saltwater crocodile surrounded by a circle, along with relevant inscriptions. The determination process involved consultation with Australian and international distributors, though limited due to the confidential nature of coin themes. This legislative instrument ensures compliance with human rights as it does not engage any of the applicable rights or freedoms, as stated in the Human Rights (Parliamentary Scrutiny) Act 2011.
Scope and Application
The Currency (Perth Mint) Determination 2014 (No. 2) applies to the specifications of coins proposed to be issued by the Perth Mint under the Currency Act 1965. The determination outlines the characteristics of the 2014 Australian Saltwater Crocodile (1oz) silver bullion coin, including its composition, weight, allowable variation, design, and dimensions. The legislation is applicable to the Perth Mint, which is an entity within the Australian government responsible for minting coins. The scope of this determination is specific to the coins issued by the Perth Mint, and it does not extend to other coins or mints. The determination is a disallowable instrument under the Legislative Instruments Act 2003 and is subject to public consultation. The Perth Mint consults with its network of Australian and international wholesale distributors, as well as members of the public, to gather feedback on potential coin designs. This ensures that the coins produced meet the interests and preferences of the target audience. The Currency (Perth Mint) Determination 2014 (No. 2) is compatible with human rights, as it does not engage any of the applicable rights or freedoms.
Key Provisions
The Currency (Perth Mint) Determination 2014 (No. 2) under subsection 13A(1) of the Currency Act 1965 sets forth the specifications for a new coin to be issued by the Perth Mint. Specifically, it details the characteristics of the 2014 Australian Saltwater Crocodile (1oz) silver bullion coin. This coin is specified to have a standard composition of 999 silver, a standard weight of one ounce, and it allows for a certain variation from this standard weight. The coin's design features a representation of a saltwater crocodile surrounded by a circle, with inscriptions including ‘AUSTRALIAL SALTWATER CROCODILE’, ‘2014 1oz 999 SILVER’, and the initials of the designer, Natasha Muhl ‘NM’. These details are provided to ensure the coin meets the legislative criteria for Australian legal tender.
The obligations imposed by this determination on the Perth Mint and GoldCorp Australia include ensuring that the coin adheres to the specified standards of composition, weight, and design. The Mint must also undertake consultation with its network of distributors and, to a limited extent, with the public to gather potential themes for future coins. This consultation is aimed at maintaining the integrity and marketability of the Mint's coin offerings while safeguarding the confidentiality of coin themes and designs to prevent premature market entry by competitors.
Failure to comply with the specifications outlined in the determination could result in legal repercussions. Under the Currency Act 1965, any coins not meeting the prescribed standards may be deemed illegal tender, and any person found to be in possession of or dealing in such coins could face legal action. The precise penalties for such breaches are not detailed in the Currency Act itself but may be subject to the broader criminal and civil laws of Australia, including potential fines and imprisonment depending on the severity of the breach.