Currency Regulations (Amendment)

Overview

The Currency Regulations 1970, made under the Currency Act 1965, were enacted to amend the designs of Australian coins, specifically the Fifty-cent coin. This legislation was introduced to address the need for updating the coin's design to reflect significant historical events and figures, thereby enriching the cultural and historical narrative of the nation through its currency. The regulation was made by the Governor-General in Council, reflecting the Federal legislative authority vested in the Australian Government. The policy objective of the regulation was to enhance the commemorative value of the currency by incorporating a representation of Captain James Cook and the route of his voyage along the Australian coast, marking the bicentennial year of his first voyage in 1770. This amendment ensures the coins not only serve their primary function as legal tender but also act as a medium for public education and historical commemoration.

Scope and Application

The Currency Regulations 1970, made under the Currency Act 1965-1969, pertain to the designs of coins within the Commonwealth of Australia. These regulations specifically apply to coins of the denomination of Fifty cents, with particular emphasis on those minted in the year 1970. The regulations amend the existing designs to include specific inscriptions and representations, such as the inscription 'FIFTY CENTS' and an effigy of Captain James Cook, among others. These changes are detailed to ensure that the coins issued reflect certain commemorative elements related to the year of minting and significant historical figures. The regulations are applicable nationwide, extending their reach across the entire Commonwealth, thereby affecting all entities and individuals involved in the production, distribution, and use of these coins. The scope of these regulations is limited to the specified amendments concerning the design of Fifty-cent coins, without explicitly excluding or exempting any particular persons, entities, or transactions from their application.

Key Provisions

The main operative sections of the Statutory Rules 1970 No. REGULATION UNDER THE CURRENCY ACT 1965-1969 pertain to the amendments of the Currency Regulations, specifically concerning the designs of coins (reg. 4). The regulation amends sub-paragraph (v) of paragraph (d) by removing the word "and" and omitting sub-paragraph (vi), replacing it with new sub-paragraphs (vi) and (vii) that detail the specific inscriptions and representations for a Fifty cents coin minted in 1970. Sub-paragraph (vi) requires the figures '50' and a representation of the Arms of the Commonwealth, while sub-paragraph (vii) mandates the inscription 'FIFTY CENTS', an effigy of Captain James Cook, a representation of Australia showing the route of his voyage, his signature, and the figures '1770' for coins referring to the year 1970. These regulations impose specific design requirements on entities involved in the minting and issuing of currency. For example, coin manufacturers and issuers must ensure that the Fifty cents coins minted in 1970 feature the prescribed inscriptions and representations as detailed in sub-paragraphs (vi) and (vii). This includes the correct use of the figures '50', the Arms of the Commonwealth, the inscription 'FIFTY CENTS', the effigy of Captain James Cook, the depiction of Australia with the voyage route, his signature, and the figures '1770'. Failure to adhere to these design specifications could result in non-compliance with the Currency Act 1965-1969. The legislation does not explicitly outline offences, penalties, or consequences for breach in the provided excerpt. However, under the broader framework of the Currency Act 1965-1969, non-compliance with currency regulations could potentially lead to civil or criminal sanctions. Typically, such breaches may result in fines or imprisonment, although the specific penalties would be determined by the courts based on the nature and severity of the offence. The precise maximum penalties are not detailed within the text of the Statutory Rules 1970 No. REGULATION UNDER THE CURRENCY ACT 1965-1969, but they would be found in the main Act or associated regulations.