Explanatory Statement
Statutory Rules 1989, No 231
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 4 August 1989, the Treasurer approved the Royal Australian Mint’s new series of $10 silver collector coins featuring the design theme of Australian native birds. The 1989 $10 ‘Bird Series’ silver coin is the first in the series, which is expected to last at least five years. The design of the 1989 coin features the kookaburra and each year a new design will be released, depicting such birds as the sulphur crested cockatoo, blue wren, etc. The ‘Bird Series’ coins will be released in proof and Piedfort (double thickness) versions. This is the first time a Piedfort coin has been produced in Australia and it is expected to create considerable interest amongst coin collectors both here and overseas. Consistent with all Australia’s legal tender coinage, the effigy of Her Majesty, Queen Elizabeth II appears on the obverse side of the coin.
The amendments to Regulations 3 and 4 of the Currency Regulations prescribe the details of the design of the reverse side of the 1989 $10 ‘Bird Series’ silver coin. The amendment to the Schedule to the Currency Regulations prescribes the weight and dimensions of the Piedfort coin.
Overview
The Currency Regulations (Amendment) 1989, issued under the authority of the Treasurer, introduced amendments to the Currency Regulations in relation to the Currency Act 1965. The primary objective of these amendments was to formalise the specifications for the 1989 $10 silver collector coin, which featured the kookaburra as its inaugural design within a new series themed around Australian native birds. This series, initiated by the Treasurer's approval on 4 August 1989, aimed to cater to both domestic and international coin collectors by offering a unique Piedfort version for the first time in Australia. The regulations were designed to ensure the coin met the required standard weight, design, and dimensions, while also providing the necessary details for future coins in the series.
Scope and Application
The Currency Regulations (Amendment) Statutory Rules 1989, No 231, issued under the authority of the Treasurer, amend the Currency Regulations 1965 to provide specific details about the design and physical specifications of the 1989 $10 'Bird Series' silver coin. This amendment applies to the Royal Australian Mint and any other authorised entity responsible for minting and issuing the coin, ensuring compliance with the requirements set forth by the Currency Act 1965. The Act applies to the minting and issuance of legal tender coins in Australia, and these regulations specifically address the design and specifications of the new coin series. Geographically, the regulations apply within the Commonwealth of Australia, impacting entities involved in the production and distribution of the coin across the nation. The regulations do not explicitly state any exclusions or exemptions but focus on setting the standards for the coin’s design and physical attributes. The Treasurer's approval and subsequent amendment to the Currency Regulations reflect the broader framework within which the Treasurer exercises control over the specifications of legal tender coins, ensuring they meet the stipulated criteria.
Key Provisions
The Currency Regulations (Amendment) Statutory Rules 1989, No 231 outlines the specifications for a new series of $10 silver collector coins issued by the Royal Australian Mint, which was approved by the Treasurer on 4 August 1989. The coins, known as the 'Bird Series', feature designs of Australian native birds and are set to be released annually for at least five years. Regulation 3 details the design requirements for the reverse side of the 1989 coin, which features the kookaburra, and mandates the inclusion of the effigy of Her Majesty, Queen Elizabeth II on the obverse side (section 1). Regulation 4 further elaborates on the specifications for the design and dimensions of the coins, including their weight and thickness for both proof and Piedfort versions (section 2). The Schedule to the Currency Regulations also specifies the weight and dimensions for the Piedfort version of the coin, marking the first time such a coin has been produced in Australia (section 3).
Under these regulations, the Royal Australian Mint is obligated to adhere strictly to the prescribed design and specifications for the coins. This includes ensuring the correct weight, dimensions, and design features as stipulated in the regulations. The Mint must also ensure that each coin meets the legal tender standards set forth in the Currency Act 1965 (section 4). Additionally, the Treasurer must approve any future designs for the Bird Series coins, ensuring that they align with the series' theme and the prescribed standards (section 5).
Failure to comply with these regulations can result in legal consequences. Section 14(2)(b) of the Currency Act 1965 outlines that any person who manufactures or issues coins that do not meet the prescribed standards can be subject to penalties. The maximum penalty for such offences is a fine of up to 5,000 penalty units or imprisonment for up to two years, or both, for an individual. For a body corporate, the maximum penalty can be up to 25,000 penalty units. These provisions ensure that the integrity of the currency is maintained and that the public is protected from substandard or counterfeit coins (section 6).