Currency Regulations (Amendment)

Overview

The Currency Regulations (Amendment) 1992 No. 64, issued under the authority of the Treasurer, amends the Currency Regulations 1965 to address the need for updated specifications concerning the design and composition of coins issued under the Currency Act 1965. This amendment was enacted to ensure the newly approved Royal Australian Mint's $1 Silver Coin, featuring a javelin thrower designed by Margaret Priest, meets the legal requirements for weight, design, and dimensions. The changes also rectify a numbering inconsistency within the existing regulations. The objective is to maintain the integrity and legal status of Australian currency by aligning the regulations with the current minting practices and specifications, ensuring that all coins issued comply with the standards set out in the Currency Act 1965.

Scope and Application

The Currency Regulations (Amendment) 1992 No. 64 pertains to the regulation and issuance of currency within Australia, specifically focusing on the design and composition of coins. This amendment applies to the Royal Australian Mint and the Treasurer, who are responsible for the creation and issuance of legal tender coins. The amendment specifies the design for a new $1 Silver Coin, which features a javelin thrower on the reverse side and the traditional effigy of Her Majesty, Queen Elizabeth II on the obverse side. The regulations apply nationally across Australia, affecting the currency industry and the general public who use and collect legal tender coins. The amendment rectifies previous errors in the regulation numbering and ensures that the coin specifications are accurately documented. The scope of the amendment is limited to the design and composition of the specific coin mentioned, without broader implications for other coins or currency matters.

Key Provisions

The Currency Regulations (Amendment) 1992 No. 64, issued under the authority of the Treasurer, primarily amends the Currency Regulations to accommodate the introduction of a new $1 Silver Coin by the Royal Australian Mint. This amendment includes specific modifications to regulations 4 and 7. Regulation 4 specifies the design of the coin, ensuring that it adheres to the standards set forth in the Currency Act 1965 (sections 13(2), 13(3), and 14(2)(b)). The reverse side of the coin features a javelin thrower designed by Margaret Priest, approved by the then Treasurer on 16 August 1991, while the obverse side bears the traditional effigy of Her Majesty, Queen Elizabeth II. Regulation 7 corrects an error in subregulation numbering, ensuring regulatory clarity and consistency. The obligations imposed by these amendments on the parties involved, primarily the Royal Australian Mint and the Treasurer, are to ensure that the newly minted $1 Silver Coin conforms to the prescribed design and specifications. The Royal Australian Mint must produce the coin in accordance with the regulations, ensuring that it meets the weight, dimensions, and design standards outlined in the Currency Act. The Treasurer, as the approving authority, must verify that the design and specifications meet the legal requirements and have been appropriately approved. Both parties must maintain records and documentation that evidence compliance with these regulatory standards. Failure to comply with the Currency Regulations can result in significant legal consequences. While the specific offences, penalties, or consequences are not detailed in the explanatory statement, breaches of currency regulations typically attract severe penalties under the Currency Act. These can include substantial fines and, in more severe cases, imprisonment. The exact penalties would be determined by the specific nature of the breach and the discretion of the court, but they can be severe, reflecting the importance of maintaining the integrity of the nation’s currency. The amendments are intended to ensure that the legal tender produced adheres strictly to the legislative and regulatory standards set out by the Currency Act and the Currency Regulations.