Explanatory Statement
Statutory Rules 1988, No 200
Issued by the Authority of the Treasurer
Currency Regulations (Amendment)
Paragraph 14(2)(a) of the Currency Act 1965 (the Act) provides that a coin to be made and issued by the Treasurer shall be of the standard composition specified, by regulation, in the Schedule to the Act in relation to that coin; subsection 13(3) provides that more than one standard composition or weight may be specified in relation to coins of a particular denomination. Paragraph 14(2)(b) provides that a coin shall be of the standard weight, design and dimensions as prescribed in relation to that coin; subsection 14(2A) provides that more than one standard weight, design or set of dimensions may be prescribed in relation to that coin.
On 18 June 1987 the Treasurer announced that the Commonwealth Government had given its in-principle approval to a request by the Premier of Western Australia to allow his Government, on behalf of the Commonwealth, to produce and issue a range of platinum bullion and silver bullion coins recognised as legal tender under the Currency Act 1965. (These coins complement the gold bullion coins, known as ‘Australian Nuggets’, which Western Australia currently produces and issues.) Following consultations between the two Governments on issues raised by the proposal, agreement has now been reached on the details of the platinum and silver bullion coin programs.
The platinum program (the Australian Koala coins) will consist of legal tender bullion coins comprising one, one-half, one-quarter and one-tenth ounce platinum of not less than 99.95 per cent purity. The coins will be legal tender for the values of $100, $50, $25 and $15 respectively.
The silver program will consist of two legal tender bullion coins comprising one and one-quarter ounce silver of not less than 99.9 per cent silver. (The coins are based on two coins used in the early 1800’s in New South Wales, the ‘holey dollar’ and the ‘dump’.) These coins, which will also carry the names ‘the holey dollar’ and ‘the dump’ will be legal tender for the values of $1 and 25¢ respectively. As is the nature of bullion coins, however, their price will be determined by the ruling world price of platinum/silver, plus a premium expressed as a percentage of that price.
The obverse side of all six coins will carry the effigy of Her Majesty, Queen Elizabeth II. The reverse side design of the four platinum coins will feature a representation of a koala. The reverse side design of the silver one ounce coin will feature a representation of a traditional Australian Aboriginal drawing of a snake; the silver one quarter ounce
coin, two persons against a stippled background in traditional Australian Aboriginal style. Copies of photographs/drawings of the designs of the proposed coins are attached.
In addition to the above, experience with minting the four Australian Nugget gold bullion coins has indicated that the present maximum thicknesses of these coins as specified in the Schedule to the Regulations are being slightly exceeded. Accordingly, amendments to the Schedule are required to specify increased maximum thicknesses.
The amendments to the Currency Regulations prescribe the design details, composition, physical characteristics and remedy in respect of weight of the platinum and silver coins pursuant to sections 13 and 14 of the Currency Act. The amendments also specify the increased maximum thicknesses for the Australian Nugget gold bullion coins.
More specifically, regulation 1 amends the Regulations to prescribe the shape, edging and obverse and reverse side designs of the platinum and silver coins. It also prescribes the obverse side designs of the silver coins. Regulation 2 amends regulation 7 to prescribe in the Schedule to the Currency Act, standard compositions of not less than 99.95 per cent platinum for the platinum coins and not less than 99.9 per silver for the silver coins.
Amending regulation 3 repeals the Schedule to the Regulations and substitutes a new Schedule prescribing the denomination, standard composition, standard weight, diameter, thickness and remedy in respect of weight of each coin made and issued, or to be made and issued, under the Act. The new Schedule also incorporates the increased maximum thickness for the $100, $50 and $25 and $15 denomination Australian Nugget gold coins.
THE HOLEY DOLLAR
OBVERSE (1 OZ COIN)
THE AUSTRALIAN KOALA PLATINUM COIN (1/2 OZ)
THE HOLEY DOLLAR
REVERSE (1 OZ COIN)
THE DUMP
OBVERSE (1/4 OZ COIN)
The obverse would be the same as a 1 oz Nugget except that the monetary denomination would be “25 CENTS”.
THE DUMP
REVERSE (1/4 OZ COIN)