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.
Overview
The Currency Regulations (Amendment) Statutory Rules 1989, No. 278, issued under the authority of the Treasurer, aims to amend the Currency Regulations 1965 to accommodate the introduction of new coins by GoldCorp Australia. This amendment addresses the need to regulate the specifications and release dates of newly designed coins, including the platinum Koala and gold Nugget coins, as well as the introduction of the silver Kookaburra coin. The regulation updates the standards for coin composition, weight, and dimensions, ensuring they comply with the Currency Act 1965. It also allows for the 1990 bullion issues of the Nugget and Koala coins to bear a 1990 date while being released in 1989. This amendment is designed to facilitate GoldCorp Australia's marketing strategies and the introduction of new coin designs within the legal framework established by the Currency Act.
Scope and Application
The Currency Regulations (Amendment) Statutory Rules 1989, No. 278, issued by authority of the Treasurer, amends the Currency Regulations under the Currency Act 1965. The Act applies to coins made and issued by the Treasurer, which must adhere to prescribed standards for weight, design, and dimensions. This amendment concerns the 1989 proof issue and the 1990 bullion issue of gold Nugget and platinum Koala coins, along with the introduction of a new 1oz bullion silver Kookaburra coin. These coins, produced by GoldCorp Australia, feature specific reverse designs approved by the Treasurer and Minister Assisting the Treasurer. The amendment to Regulation 4 of the Currency Regulations alters the reverse side design of these coins, while Regulation 7 adds a new subregulation to specify the effective date of these amendments. The Schedule to the Currency Regulations is also amended to include the standard compositions, weight, and dimensions for the new 1/20oz Koala coin and the 1oz Kookaburra coin, with no changes required for the new 1/20oz bullion Nugget due to its similarity to the 1/20oz proof Nugget. The amendment applies nationally within Australia, covering all entities involved in the minting and issuance of these coins.
Key Provisions
The operative sections of the Currency Regulations (Amendment) Statutory Rules 1989, No. 278, are significant in establishing the specifications and legal tender values for new coin issues by GoldCorp Australia. Specifically, section 4 of these regulations (section 4(1)) amends the existing reverse side design prescriptions for the 1990 bullion issues of the gold Nugget and platinum Koala coins, while allowing these coins to bear a 1990 date despite their release in 1989. Furthermore, section 7 of these regulations (section 7(1)) introduces subregulation (7) to Regulation 7, ensuring that the amendments will take effect from 31 October 1989, incorporating the new $5 coins with specified platinum and silver compositions into the Schedule of the Currency Act 1965. The Schedule itself (Schedule, Part 1, item 1) details the standard compositions, weights, and dimensions for the new 1/20oz Koala coin and the new 1oz bullion Kookaburra coin, while maintaining the same specifications for the 1/20oz bullion Nugget coin.
Under these regulations, GoldCorp Australia, as the entity responsible for minting and issuing these coins, must adhere to the prescribed standard weights, designs, and dimensions as outlined in the amended Currency Regulations. This includes ensuring that the new coins bear the appropriate 1990 date despite their release in 1989 and that they meet the specified platinum and silver compositions. The obverse side of these coins must feature the traditional effigy of Her Majesty, Queen Elizabeth II, while the reverse sides must showcase the approved designs of the koalas, the Nugget, and the Kookaburra. Additionally, the coins must be minted to the specified weights and dimensions to be considered legal tender as per the Currency Act 1965.
The Currency Regulations (Amendment) Statutory Rules 1989, No. 278, impose several obligations and requirements on GoldCorp Australia and any other entities involved in the minting and distribution of these coins. These obligations include strict adherence to the prescribed standard compositions, weights, and dimensions, as well as the mandatory use of the approved reverse side designs. Furthermore, the regulations require that the new coins bear the correct dates and meet the legal tender requirements set forth in the Currency Act 1965. Failure to comply with these requirements may result in legal consequences, including potential penalties for non-compliance.
The Currency Regulations (Amendment) Statutory Rules 1989, No. 278, do not explicitly outline specific offences, penalties, or civil/criminal consequences for breach within the text. However, breaches of the Currency Act 1965 or the Currency Regulations may lead to legal action under the Act. Such breaches could result in fines, imprisonment, or other penalties as prescribed by the relevant legislation. The exact penalties would depend on the nature and severity of the breach, and would be determined by the courts in accordance with the Currency Act 1965 and any applicable regulations.