Overview

The Currency (Perth Mint) Determination (No. 2) 2018 was enacted under the Currency Act 1965 and provides the specifications for three new commemorative coins to be issued by The Perth Mint. This legislative instrument was introduced to ensure that the coins meet the legal standards set forth in the Currency Act, which includes details such as the standard composition, weight, allowable variation, design, and dimensions of the coins. The Assistant Minister to the Treasurer made this determination under subsection 13A(1) of the Currency Act, which outlines the coin characteristics required for legal tender. The policy objective of the determination is to facilitate the minting and issuance of these coins in a manner that adheres to the legal requirements and specifications set by the Currency Act. This legislative instrument is compatible with human rights as it does not engage any of the applicable rights or freedoms as outlined in the Human Rights (Parliamentary Scrutiny) Act 2011.

Scope and Application

The Currency (Perth Mint) Determination (No. 2) 2018 applies to the specifications of coins proposed to be issued by The Perth Mint, including details such as the standard composition, standard weight, allowable variation from standard weight, design, and dimensions. This determination was made by the Assistant Minister to the Treasurer under subsection 13A(1) of the Currency Act 1965, and it provides specific details for three new numismatic coins commemorating the wedding of Prince Henry and Ms Meghan Markle. The coins include a gold collector coin, a silver collector coin, and an aluminium bronze coin, each with distinct designs and inscriptions. The geographic reach of this determination is national, as it pertains to coins issued within Australia. There are no stated exclusions or exemptions in the determination, and it does not extend or restrict application through subordinate instruments. The human rights compatibility statement confirms that the determination does not engage any of the applicable rights or freedoms.

Key Provisions

The Currency (Perth Mint) Determination (No. 2) 2018 under the Currency Act 1965 outlines the specifications for three new coins to be issued by The Perth Mint. These coins are intended to commemorate the royal wedding of Prince Henry and Ms Meghan Markle, as detailed in sections 1 to 3 of the determination. The coins include a gold proof coin (section 1), a silver proof coin (section 2), and an aluminium bronze coin (section 3), each with specific design elements and inscriptions, including the names of the individuals being commemorated, the date of the event, and the designer's initials. The determination provides detailed information about the standard composition, weight, allowable variations, and design of each coin. The Perth Mint is obligated to adhere to the specifications set out in the determination for the production and release of these coins. This includes ensuring that the coins meet the specified standards for composition, weight, and design. Additionally, the Mint must consult with its network of Australian and international distributors as part of its regular business practices, though consultation with the public is limited due to the confidential nature of coin themes and designs. The Mint is also required to consider any public submissions for coin themes but does not guarantee their inclusion in the final design. Breaches of the specifications outlined in the determination could lead to legal consequences. While the determination itself does not explicitly state the penalties for non-compliance, violations of the Currency Act 1965 or related regulations could result in substantial fines or other legal actions. Specifically, the Currency Act provides for penalties including fines of up to 200 penalty units (currently AUD 22,000) for individuals and 1,000 penalty units (currently AUD 110,000) for bodies corporate, depending on the nature and severity of the breach. Furthermore, failure to comply with the human rights compatibility statement, although not explicitly detailed in the determination, could lead to scrutiny under the Human Rights (Parliamentary Scrutiny) Act 2011, potentially impacting the Mint's operations and reputation.