Explanatory Statement
Statutory Rules 1989, No 103
Issued by the 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 Royal Australian Mint’s 1989 $200 gold collector coin is the first in a 10 year series based on the design theme of Australian animals. The series is known as the ‘Pride of Australia’ and each year a new design will be released, depicting such animals as the frilled lizard, echidna, emu, platypus, etc. The design of the 1989 coin features the frilled lizard. The representation of the lizard is produced in mirror proof against a frosted background, the first time this technique has been used for proof coin production. It is expected that the use of this technique will create worldwide interest amongst coin collectors. Consistent with all Australia’s legal tender coinage, the effigy of Her Majesty, Queen Elizabeth II appears on the obverse side of the coin.
The amendment to regulation 4 of the Currency Regulations prescribes the details of the design on the reverse side of the 1989 $200 gold coin.
Overview
The Currency Regulations (Amendment) (No. 2) 1989, issued under the authority of the Treasurer, amend the Currency Regulations 1965 to address the specifications for a new series of collector coins introduced by the Royal Australian Mint. This amendment specifically prescribes the design details for the 1989 $200 gold collector coin, which is the inaugural issue in a decade-long series themed around Australian animals, branded as the ‘Pride of Australia’. The policy objective is to facilitate the minting and issuance of a distinctive coin that aligns with Australia’s legal tender coinage while capturing global interest among collectors through innovative design techniques. This legislative amendment ensures that the new coin meets the standards for weight, design, and dimensions as required by the Currency Act 1965.
Scope and Application
The Currency Regulations (Amendment) Statutory Rules 1989, No 103, issued under the authority of the Treasurer, pertain to the specifications of a particular coin to be minted and issued by the Royal Australian Mint. This amendment specifically addresses the 1989 $200 gold collector coin, which is part of a ten-year series titled ‘Pride of Australia’. The Act applies to the Treasurer and the Royal Australian Mint as the entities responsible for the minting and issuing of the coin, and it encompasses the design and specifications of the coin as mandated by the Currency Act 1965. The regulation ensures that the coin meets the standard weight, design, and dimensions prescribed by the Act, with the 1989 coin featuring the design of the frilled lizard in a unique mirror proof technique. The geographic reach of the Act is national, applying across Australia. There are no stated exclusions, exemptions, or thresholds in this particular amendment, and it does not extend or restrict the application through subordinate instruments beyond the specifications of the coin.
Key Provisions
The Currency Regulations (Amendment) 1989 (No. 103) introduces specific provisions concerning the design and issue of a $200 gold collector coin, governed under section 14(2)(b) of the Currency Act 1965 (the Act). This regulation prescribes the standard weight, design, and dimensions for the coin, which is to be issued by the Treasurer. The primary focus is on the 1989 $200 gold collector coin, the inaugural release in a series titled ‘Pride of Australia’, which will span ten years and feature various Australian animals on its design. The coin for 1989 showcases the frilled lizard, with a novel technique employed in its production that involves a mirror proof representation against a frosted background, marking a first in proof coin production. The obverse side of the coin bears the effigy of Her Majesty, Queen Elizabeth II, in line with Australia’s legal tender coinage.
Under this regulation, the Royal Australian Mint is obligated to adhere strictly to the prescribed design and specifications for the coin. Regulation 4 of the Currency Regulations is amended to detail these specifications, ensuring that the coin meets the legal requirements for issuance. The Mint is also responsible for ensuring that each coin in the ‘Pride of Australia’ series maintains consistency in weight, design, and dimensions as outlined in the regulation, thereby preserving the integrity and collectibility of the series.
Failure to comply with the provisions of the Currency Act 1965 and the Currency Regulations can result in significant consequences. Those who breach the regulations may face both civil and criminal penalties. The Act provides for fines and imprisonment for offences related to the unauthorised production or distribution of coins. Specifically, section 118 of the Currency Act stipulates that any person who manufactures or imports a coin without authorisation can be fined up to 10,000 penalty units or imprisoned for up to five years, or both. This stringent enforcement mechanism is in place to protect the integrity of Australia's currency and maintain public trust in legal tender.