Explanatory Statement
Statutory Rules 1989. No. 278
Issued by Authority of the Treasurer
Currency Regulations (Amendment)
Paragraph 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.
The 1989 proof issue of the platinum Koala coin is the second in an annual series of these coins by GoldCorp Australia. Each year these coins will feature a different reverse side design of a koala. This arrangement was approved by the Treasurer on 31 January 1989 as part of GoldCorp’s overall coin marketing strategy. The 1989 reverse side design on these coins features two koalas, mother with young, perched in the fork of a eucalypt tree.
The 1990 bullion issues of the gold Nugget and the platinum Koala coins feature the same reverse side designs as the 1989 proof issues of these coins. These coins are stamped with the year 1990 and released in November 1989 as part of a new marketing strategy by GoldCorp Australia.
The 1989 proof Koala issue and the 1990 bullion Nugget and Koala issues include, for the first time, a new 1/20oz coin, approved by the Minister Assisting the Treasurer on 18 May 1989, which is legal tender for $5. These issues also include the existing 1oz, ½oz, ¼oz and 1/10oz coins, which have legal tender values of $100, $50, $25 and $15 respectively.
The 1990 issue of GoldCorp’s new 1oz bullion silver Kookaburra coin features, on its reverse side, a kookaburra perched on a tree stump and two Australian flora. This coin and the design were approved by the Treasurer on 5 August 1989. This coin is legal tender for $5. Its release gives GoldCorp a 1oz coin in each of the three precious metals, gold, platinum and silver.
The obverse side of all these coins carries the traditional effigy of Her Majesty, Queen Elizabeth II.
The amendment to Regulation 4 of the Currency Regulations prescribes matters relating to the reverse side design of each of the coins. In addition, Regulation 4 is amended to allow the 1990 bullion issues of the Nugget and Koala coins to be stamped with a 1990 date but released in 1989.
The amendment to Regulation 7 provides for the addition of subregulation (7) to Regulation (7) of the Currency Regulations which provides that the amendments will take effect on and after 31 October 1989, as if the Schedule to the Act included additional $5 coins with standard compositions ‘not less than 99.95 per cent platinum’ and ‘not less than 99.9 per cent silver’ from that date.
The amendment to the Schedule to the Currency Regulations prescribes the standard compositions, weight and dimensions for the new 1/20oz Koala coin in both proof and bullion form and the new 1oz bullion Kookaburra coin. No amendment is required for the new 1/20oz bullion Nugget because this coin has the same standard composition, weight and dimensions as the previously issued 1/20oz proof Nugget.