Explanatory Statement
Statutory Rules 1990. No. 300
Issued by Authority of the Treasurer
Currency Regulations (Amendment)
Section 14(2)(b) of the Currency Act 1965 (the Act) provides that a coin to be made and issued by the Treasurer shall be of the standard weight, design and dimensions as prescribed (by regulation) in relation to that coin.
Under the bullion coin agreements, the Commonwealth has authorised Gold Corporation (GoldCorp), a statutory authority of the Western Australian Government, to produce legal tender precious metal coins. GoldCorp’s 1990 proof and 1991 bullion platinum Koala coins are the third and fourth releases respectively in annual issues of these coins. Each year the coins feature a different Koala design on the reverse side. The reverse side design on all five denominations of these issues was approved by the Treasurer on 7 September 1990. The five coins in each issue (1oz, %oz, %oz, 1/10 oz 1/20oz) are legal tender to the values of $100, $50, $25, $15 and $5 respectively.
The 1990 Holey Dollar and Dump coin set is third in an annual series by GoldCorp featuring, each year, different reverse side designs based on Aboriginal ‘Dreamtime’ mythology. The reverse side designs are representations, in traditional Australian Aboriginal style, of two men fishing with spears, two barramundi and a garfish on the Holey Dollar, and on the Dump, dancing women against a stippled background. The designs were approved by the Treasurer on 7 September 1990. The Holey Dollar and Dump are again legal tender to the values of $1 and 25# respectively.
Gold Corp’s 1991 bullion 1oz Kookaburra coin is the second in an annual series of bullion silver coins based on the Kookaburra design theme. The reverse side design for the 1991 release, which was approved by the Treasurer on 7 September 1990, features a Kookaburra perched on the limb of a tree. The coin is legal tender for $5.
Both the 1991 bullion platinum Koala coins and the 1991 bullion Kookaburra coin will be released in November 1990 as part of GoldCorp’s marketing strategy to capture the Christmas market for bullion coins. This strategy was successfully implemented last year for its 1990 bullion coins.
The Royal Australian Mint’s 1990 ‘Masterpieces in Silver’ coin set is the third in an annual series which commenced in 1988. The year’s release was approved by the Minister Assisting the Treasurer on 19 July 1990. The 1990 issue
features the Mint’s three previously released $1 coins restruck in proof silver and dated 1990. The coins are the 1984 Standard Kangaroos, the 1986 Peace Dollar, and the 1988 Bicentenary Kangaroos. The ‘Masterpieces in Silver’ series is expected to continue until 1992.
Consistent with all Australia’s legal tender coinage, the traditional effigy of Her Majesty Queen Elizabeth II will appear on the obverse side of all these coins.
The proposed amendments to Regulation 4 of the Currency Regulations prescribe matters relating to the reverse side designs of each of the coins.