Currency Regulations (Amendment) 1991 No. 149
EXPLANATORY STATEMENT
Statutory Rules 1991 No. 149
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 is planning to release the Large Bullion Coin Series, which will comprise three coins (two ounces, ten ounces and one kilogram) in each of the precious metals, gold, silver and platinum.
Regulations validating the issue of the coins were made in December 1990. Subsequently, GoldCorp's initial production experience with the silver coins has shown that the edging, on which the Regulations made in December 1990 were based, require revision from a fully milled edge to that of an interrupted milling.
The Regulations amend the schedule to the Currency Regulations to prescribe revised edging of the coins.