Explanatory Statement
Statutory Rules 1989. No 380
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.
On 18 June 1985, the Minister Assisting the Treasurer announced the issue of the first of a planned series of $10 commemorative sterling silver coins incorporating the Coat of Arms of each of the States, the Northern Territory and the Commonwealth and a Bicentennial design in 1988. The series commenced in 1985 with the Victorian Coat of Arms on the reverse side. In 1986 the South Australian Coat of Arms was featured and in 1987 the New South Wales Coat of Arms. The Bicentennial design on the 1988 coin featured the First Fleet anchored in Sydney Cove and the landing party rowing to shore. Consistent with all Australia’s legal tender coinage, the effigy of Her Majesty, Queen Elizabeth II appeared on the obverse side of all the coins.
The Queensland Government has consented to the use of the Queensland Coat of Arms as the reverse side design on the 1989 $10 silver coin.
The amendment to regulation 4 of the Currency Regulations prescribes the details of the design on the reverse side of the 1989 $10 silver coin.
Overview
The Currency Regulations (Amendment) Statutory Rules 1989 No 380, issued by the authority of the Treasurer, amends the Currency Regulations to prescribe the design of a commemorative $10 silver coin for 1989. This amendment responds to the legislative framework set by the Currency Act 1965, which mandates the standard weight, design, and dimensions of coins issued by the Treasurer. The specific policy objective behind this amendment is to continue the series of commemorative coins started in 1985, which features the coats of arms of each Australian state, the Northern Territory, and a Bicentennial design, celebrating significant historical and cultural milestones. The 1989 coin, featuring the Queensland Coat of Arms on the reverse side, follows this tradition, reflecting the nation's heritage and unity.
Scope and Application
The Currency Regulations (Amendment) Statutory Rules 1989 No 380 pertains to the specifications and regulations surrounding the design, weight, and dimensions of coins made and issued by the Treasurer in accordance with Paragraph 14(2)(b) of the Currency Act 1965. This amendment is specifically targeted at the issuance of a commemorative $10 silver coin series, which began in 1985 and continued through to 1989, each featuring the Coat of Arms of one of the Australian states or territories and a Bicentennial design for the 1988 coin. The regulation ensures that these coins adhere to the standard specifications required by the Act. The amendment applies to the entities responsible for the design and minting of these coins, ensuring that they comply with the prescribed standards set forth in the Currency Regulations. The amendment extends the scope of the Currency Regulations to cover these specific commemorative coins, ensuring they meet the legal tender requirements set by the Currency Act 1965.
Key Provisions
The main operative sections of this legislation, specifically the amendment to regulation 4 of the Currency Regulations, establish the design requirements for the 1989 $10 silver coin (Currency Regulations 1965, reg 4 as amended). These regulations mandate that the reverse side of the coin must feature the Queensland Coat of Arms, while the obverse side will bear the effigy of Her Majesty, Queen Elizabeth II. This aligns with the standard design requirements for Australia's legal tender coinage as outlined in section 14(2)(b) of the Currency Act 1965 (s 14(2)(b)).
The obligations imposed by this Act primarily concern the design and issuance of the commemorative coin. The Treasurer, who is responsible for minting and issuing the coin, must adhere to the specifications set out in the amended regulation. This includes ensuring that the reverse side of the coin accurately depicts the Queensland Coat of Arms, maintaining the coin's standard weight, design, and dimensions, and ensuring the obverse side bears the Queen's effigy. The Queensland Government's consent to the use of the Coat of Arms on the coin underscores the collaborative effort in this commemorative project.
Failure to comply with the provisions of the Currency Regulations could lead to significant consequences. While the legislation does not explicitly outline specific offences or penalties for non-compliance, breaches of the Currency Act 1965 generally could result in both civil and criminal penalties. For instance, under section 18 of the Currency Act, unauthorised minting or issuing of coins could lead to fines and imprisonment. Additionally, any misrepresentation of legal tender could incur penalties under other relevant laws, including those related to counterfeiting and fraud.
The maximum penalties for offences under the Currency Act can vary, but they typically include substantial fines and imprisonment terms, reflecting the seriousness of maintaining the integrity of Australia's legal tender. For example, section 18(1) of the Act stipulates that a person who unlawfully makes or issues a coin that is legal tender can be fined up to $10,000 or imprisoned for up to two years, or both. These provisions underscore the importance of adhering to the specifications and requirements outlined in the Currency Regulations and the Act itself.