Overview

The Currency (Perth Mint) Determination (No. 3) 2017, enacted under the Currency Act 1965, addresses the need to specify the characteristics of coins proposed for issuance by The Perth Mint. This instrument was developed by the Assistant Minister to the Treasurer and provides details such as the standard composition, weight, allowable variation from standard weight, design, and dimensions of four new numismatic coins. The policy objective is to ensure that these coins meet the legal standards set by the Currency Act and to facilitate their lawful circulation and recognition. The determination also outlines the process of public consultation, although limited due to confidentiality concerns, and confirms compatibility with human rights as it does not engage any of the applicable rights or freedoms.

Scope and Application

The Currency (Perth Mint) Determination (No. 3) 2017, made under subsection 13A(1) of the Currency Act 1965, pertains to the specifications of four new coins proposed for issuance by The Perth Mint. The determination details the standard composition, weight, allowable variation from standard weight, design, and dimensions of each coin. This legislation applies to The Perth Mint, the entity responsible for issuing these coins, and affects the numismatic industry by specifying the characteristics of the coins to be produced. The geographic reach of this Act is national, given that it is enacted under the Commonwealth's legislative authority. The Act does not explicitly mention any exclusions, exemptions, or thresholds, but the determination process itself may inherently impose certain standards and requirements. The Assistant Minister to the Treasurer's determination is a disallowable instrument, as defined in the Legislation Act 2003, and thus subject to parliamentary scrutiny and potential disallowance.

Key Provisions

The Currency (Perth Mint) Determination (No. 3) 2017 primarily focuses on setting the specifications for four new coins that The Perth Mint proposes to issue. Section 13A(1) of the Currency Act 1965 mandates that these specifications include details such as the coins' standard composition, weight, allowable variation in weight, design, and dimensions (section 13A(1)). The Assistant Minister to the Treasurer made this determination under the authority granted by the Currency Act, and it serves as a disallowable instrument as per section 42 of the Legislation Act 2003. Under the terms of this determination, The Perth Mint is obligated to adhere strictly to the outlined specifications for the coins. This includes producing coins with the specified weight, design, dimensions, and composition, ensuring that each coin meets the criteria set forth in the determination. The coins in question are the 2018 Australian Koala – Mother and Baby silver investor coin, the 2018 The Jewelled Phoenix gold collector coin, the 2018 Dragon – Rectangle gold investor bar, and the 2018 Year of the Dog – Coloured silver collector coin. Each coin has unique design elements and inscriptions as detailed in the determination. Failure to comply with the specifications and requirements set out in the determination could result in various consequences. Although the determination itself does not explicitly outline penalties for non-compliance, breaches of the Currency Act 1965 or related regulations could lead to civil or criminal penalties. For instance, under the Currency Act, individuals or entities found to be counterfeiting or forging currency could face significant fines and imprisonment. The maximum penalties for such offences can be substantial, reflecting the seriousness of undermining the integrity of legal tender. The Perth Mint's consultation process, detailed in the determination, also reflects its commitment to ensuring that the coins meet market expectations and regulatory requirements. The Mint consults with its network of distributors both domestically and internationally, ensuring that the coin designs and specifications are in line with market trends and collector preferences. Public consultation is limited due to the need to maintain the confidentiality of coin themes and designs to prevent market competition issues. The Mint encourages public submissions for potential coin themes, which are then considered by their sales and marketing department. Finally, the determination includes a statement of compatibility with human rights, asserting that the Legislative Instrument does not engage any of the applicable rights or freedoms and is therefore compatible with human rights as it does not raise any human rights issues. This statement is prepared in accordance with the Human Rights (Parliamentary Scrutiny) Act 2011, ensuring that the legislative instrument aligns with Australia's international human rights obligations.