Overview

The Currency (Perth Mint) Determination 2014 (No. 4) was introduced under subsection 13A(1) of the Currency Act 1965, enacted by the Parliamentary Secretary to the Treasurer. This legislative instrument addresses the need to specify the characteristics of a new numismatic coin, in this case, the Anzac Spirit 100th Anniversary (1/2oz) silver proof coin, issued by the Perth Mint (Gold Corporation). The determination includes details such as the coin's standard composition, weight, allowable variation from standard weight, design, and dimensions, ensuring that the coin complies with the requirements set out in the Currency Act. The policy objective is to maintain the integrity and quality of Australian legal tender while commemorating significant historical events. Public consultation has been limited due to the confidential nature of coin designs, although the public can submit themes for consideration by the Mint.

Scope and Application

The Currency (Perth Mint) Determination 2014 (No. 4) applies to the specifications of coins issued by the Perth Mint, specifically detailing the characteristics of the Anzac Spirit 100th Anniversary (1/2oz) silver proof coin. This determination is made under subsection 13A(1) of the Currency Act 1965 and outlines the coin’s standard composition, weight, allowable variation, design, and dimensions. The determination is applicable on a national level within Australia, and it serves to formalise the legal tender status of the coin. Although the determination primarily involves consultation with authorised distributors and market research, limited public consultation is conducted due to the need for confidentiality regarding coin themes and artwork. The Legislative Instrument also ensures compatibility with human rights as it does not engage any of the rights or freedoms recognised in the international human rights instruments.

Key Provisions

The Currency (Perth Mint) Determination 2014 (No. 4) specifies the characteristics of a new coin to be issued by the Perth Mint, under the authority granted by section 13A(1) of the Currency Act 1965. This determination provides the details of the coin's standard composition, standard weight, allowable variation from standard weight, design, and dimensions. Specifically, the Anzac Spirit 100th Anniversary (1/2oz) silver proof coin is described as featuring an interrupted half circle enclosing a representation of two ships, surrounded by water, a coloured landscape with a hilly terrain, a body of water, and a coloured poppy. The coin also includes a pattern of wavy lines and the initials of the designer, Wade Robinson 'WR'. This determination is a disallowable instrument under section 42 of the Legislative Instruments Act 2003. The Currency (Perth Mint) Determination 2004 (No. 4) imposes several obligations on the Perth Mint and GoldCorp Australia. Firstly, it mandates that GoldCorp Australia consult with its network of Australian and international wholesale distributors. This consultation takes place regularly during business meetings, participation in Australian Numismatic Dealers’ Association events, and conferences such as the Licensed Post Office Conferences and the World Money Fair in Berlin. Additionally, market research through focus groups is sometimes conducted to assist in design preparation, particularly during the concept stage of major programs. Limited consultation with external parties occurs due to the confidential nature of coin themes and artwork, which prevents competitors from potentially releasing similar coins before the official release. Members of the public are, however, encouraged to submit coin theme suggestions to the Perth Mint, which are then researched and considered by GoldCorp Australia's sales and marketing department. In terms of potential legal consequences, there are no specific offences, penalties, or civil or criminal consequences outlined in the Currency (Perth Mint) Determination 2014 (No. 4) itself. However, the determination is a disallowable instrument, which means it can be annulled by either House of Parliament under section 42 of the Legislative Instruments Act 2003. The Act also ensures that the determination is compatible with human rights, as stated in the Human Rights (Parliamentary Scrutiny) Act 2011, and does not engage any of the applicable rights or freedoms. Consequently, there are no human rights issues associated with the determination, making it fully compliant with human rights standards.