Currency Regulations (Amendment)

Overview

The Currency Regulations (Amendment) 1992 No. 73, issued by authority of the Treasurer, represents a legislative adjustment to the Currency Act 1965. This amendment was enacted to address the need for more flexibility and updated regulations in the production and issuance of legal tender coins, particularly precious metal coins produced under bullion coin agreements. The key objective of these regulations is to ensure that the coins comply with the prescribed standards for weight, design, and dimensions, and to facilitate the legal tender status of new coin series. The 1992 amendment allowed for the validation of the design of the 1991 series under the same regulations as the 1992 series, ensuring continuity and legal compliance in coin production and distribution. The Currency Regulations (Amendment) 1992 No. 73 specifically targets the need to update and validate the design and specifications of the Kookaburra silver coins, including the 1oz, 2oz, 10oz, and 1 kilogram coins, to maintain their status as legal tender. By aligning the regulatory framework, these amendments ensure that the coins meet the stringent requirements set forth in the Currency Act and are issued with the necessary legal authority. This legislative update reflects a proactive approach to maintaining the integrity and legal status of the nation's currency, aligning with the overarching policy objective of ensuring a reliable and standardized currency system.

Scope and Application

The Currency Regulations (Amendment) 1992 No. 73 applies to the production and issuance of specific precious metal coins under the Currency Act 1965, with particular focus on coins produced by Gold Corporation, a statutory authority of the Western Australian Government. The amendment pertains to the validation of coin designs and specifications for the 1991 and 1992 Kookaburra series, including coins weighing one ounce, two ounces, ten ounces, and one kilogram. This amendment ensures that these coins meet the standards for weight, design, and dimensions as prescribed by the Act and Regulations. The regulations also address the legal tender status of these coins, assigning them values of $1, $2, $10, and $30 respectively. The geographic reach of these regulations is national, with the Treasurer having authority over the issuance and standardisation of coins across Australia. The amendment allows the 1991 series to be validated under the same regulations as the 1992 series, thereby ensuring consistency in the legal tender status and design specifications of the coins.

Key Provisions

The Currency Regulations (Amendment) 1992 No. 73 amends the Currency Regulations 1965, which are made under the Currency Act 1965, to accommodate the introduction of new Kookaburra coins. Regulation 4 is particularly amended to specify the design and composition of the 1992 Large Proof and Proof Kookaburra coins, as well as the 1991 series coins, ensuring they meet the legal tender requirements under the Act. Section 13(2) and 13(3) of the Act permit the specification of multiple standard compositions for coin denominations, and paragraph 14(2)(b) mandates that any coin issued by the Treasurer must adhere to prescribed weight, design, and dimensions. The obligations imposed by these regulations require GoldCorp, the authorised producer, to ensure that the Kookaburra coins conform to the specified standards in terms of weight, design, and dimensions as outlined in the regulations. GoldCorp must also ensure that the coins are minted using the approved designs, specifically the Kookaburra perched on a tree limb on the reverse side, which was approved by the Treasurer on 21 February 1992. Additionally, the regulations necessitate that the coins be released as legal tender at the prescribed values of $1 for the one ounce, $2 for the two ounce, $10 for the ten ounce, and $30 for the one kilogram coins. Failure to comply with the provisions of the Currency Regulations can lead to significant consequences. Under the Currency Act 1965, any individual or entity that produces or issues coins that do not conform to the prescribed standards can be subject to penalties. The maximum penalties for such offences can include substantial fines and, in some cases, imprisonment. Specifically, the Act provides for fines of up to $12,600 for individuals and $63,000 for bodies corporate, along with potential criminal sanctions for more serious breaches. Furthermore, any coins that are found not to comply with the regulations can be declared invalid, rendering them non-legal tender and subject to recall and destruction.