Currency Regulation (Amendment) 1991 No. 307
EXPLANATORY STATEMENT
STATUTORY RULES 1991 No. 307
Issued by Authority of the Treasurer
Currency Regulation (Amendment)
Subsections 13(2) and 13(3) of the Currency Act 1965 (the Act) provide for more than one standard composition to be prescribed for each coin denomination specified in the Schedule to the Act. Paragraph 14(2)(b) of 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 1991 'Masterpieces in Silver' coin set is the fourth in an annual series which commenced in 1988. The year's release was approved by, the Parliamentary Secretary to the Treasurer on 7 February 1991. It features the eight circulating coin denominations (1¢ to $2). With the exception of the 50¢ coin, the reverse side features the standard circulating coin designs. The 50¢ coin design is a rendering of the original 1937 one shilling design of the merino ram by George Kruger Gray. This design was approved by the former Treasurer last year.
Consistent with all Australia's legal tender coinage, the traditional effigy of Her Majesty, Queen Elizabeth II appears on the obverse side of all these coins.
The amendments to regulation 7 and the Schedule of the Currency Regulations specify the characteristics of the 'Masterpieces in Silver' coins.
Overview
The Currency Regulation (Amendment) 1991 No. 307, issued by authority of the Treasurer, was enacted to address the need for amending the Currency Regulations 1965 to specify the characteristics of the 1991 "Masterpieces in Silver" coin set produced by the Royal Australian Mint. This coin set, approved by the Parliamentary Secretary to the Treasurer, features the eight circulating coin denominations with traditional designs, including a special design for the 50¢ coin. The amendment aligns with the overarching objective of the Currency Act 1965, which is to ensure that all coins issued by the Treasurer adhere to prescribed standards of weight, design, and dimensions. The Currency Regulations (Amendment) 1991 No. 307 thus facilitates the issuance of these special edition coins while maintaining compliance with the existing legislative framework.
Scope and Application
The Currency Regulation (Amendment) 1991 No. 307, issued under the authority of the Treasurer, pertains to the Currency Act 1965, and serves to update the characteristics and specifications of the 1991 'Masterpieces in Silver' coin set produced by the Royal Australian Mint. These coins, which are part of an annual series beginning in 1988, include the eight circulating coin denominations from 1¢ to $2. This amendment, which was approved by the Parliamentary Secretary to the Treasurer on 7 February 1991, ensures that these coins adhere to the prescribed standard weight, design, and dimensions as stipulated in the Currency Act and its regulations. The obverse side of each coin features the traditional effigy of Her Majesty, Queen Elizabeth II, while the reverse side of all coins except the 50¢ coin reflects the standard circulating coin designs, and the 50¢ coin features a special design approved by the former Treasurer. This amendment applies to the coins manufactured and issued by the Treasurer, ensuring they comply with the regulatory framework established by the Currency Act and associated regulations.
Key Provisions
The Currency Regulation (Amendment) 1991 No. 307 modifies the Currency Regulations to include the specifications for the 'Masterpieces in Silver' coin set produced by the Royal Australian Mint. These coins, which feature the traditional effigy of Her Majesty, Queen Elizabeth II on the obverse, adhere to the standards set forth in the Currency Act 1965. Section 13(2) and 13(3) of the Act allow for multiple standard compositions for each coin denomination, while paragraph 14(2)(b) mandates that coins issued by the Treasurer must conform to the prescribed weight, design, and dimensions. The 'Masterpieces in Silver' coins follow this requirement, with the exception of the 50¢ coin which has a special design approved by the former Treasurer. The amendments to regulation 7 and the Schedule of the Currency Regulations detail the specific characteristics of these coins, ensuring they meet the legal standards for circulation and collectibility.
Under the amended regulations, there are clear obligations and requirements for the Royal Australian Mint and the Treasurer. The Royal Australian Mint must ensure that the 'Masterpieces in Silver' coin set adheres to the prescribed specifications, including the weight, design, and dimensions outlined in the Currency Regulations. The Treasurer, as the issuing authority, must ensure that the coins meet the standards set by the Act and the Regulations before they are released into circulation or made available for sale. Both parties must ensure that the coins are produced with the required quality and precision, maintaining the integrity of Australia's legal tender coinage.
Failure to comply with the provisions of the Currency Act 1965 and the Currency Regulations could result in various penalties and consequences. While the explanatory statement does not explicitly state the maximum penalties, breaches of currency regulations could potentially lead to criminal charges or civil liabilities. Under Australian law, unauthorised production or distribution of currency can result in significant fines and imprisonment. The severity of the penalties would depend on the nature and extent of the breach, but the law aims to maintain the integrity and reliability of the nation's currency. Ensuring compliance with the Act and Regulations is therefore crucial for both the Royal Australian Mint and the Treasurer.