Currency Regulations (Amendment)

Overview

The Currency Regulations (Amendment) Statutory Rules 1987, enacted by the authority of the Treasurer, amend the Currency Regulations 1965 to address the need for a new design on the 1987 $200 gold coin in commemoration of Australia’s Bicentenary. This legislative instrument responds to the announcement by the Treasurer that the 1986 $200 gold coin would be the last to feature the standard 'koala' design, with a special Bicentenary design to be introduced for the 1987 coin. The amendment to regulation 4 of the Currency Regulations prescribes the design for the reverse side of the 1987 $200 gold coin, which features Governor Arthur Phillip and the departure of the First Fleet from Portsmouth in 1787, marking the start of a series of special Bicentenary designs planned for Australia’s coinage in 1988. This change aligns with the policy objective of commemorating significant historical events through the nation's currency. The Currency Act 1965, as amended by these statutory rules, ensures that the coins issued by the Treasurer meet the prescribed standards and reflect important historical milestones. By introducing a commemorative design for the 1987 $200 gold coin, the amendment acknowledges the significance of Australia’s Bicentenary, celebrating the nation’s history and heritage through its currency. This legislative update reflects the intent to honour the Bicentenary in a tangible and enduring manner, providing a visual narrative of Australia’s foundation and growth.

Scope and Application

The Currency Regulations (Amendment) Statutory Rules 1987 No 196, issued by the authority of the Treasurer, pertain to the specifications of coins to be made and issued by the Treasurer under Sub-section 14(2) (b) of the Currency Act 1965. This regulation applies to the Treasurer, who is responsible for determining the standard weight, design, and dimensions of coins to be minted and issued as legal tender in Australia. The amendment specifically pertains to the design of the 1987 $200 gold coin, replacing the standard ‘koala’ design with a Bicentenary commemorative design. This change reflects the intention to commemorate Australia's Bicentenary with a special design depicting Governor Arthur Phillip and the departure of the First Fleet from Portsmouth in 1787. The regulation is part of a broader set of plans to feature various Bicentenary designs on Australia’s coinage throughout 1988. The geographic reach of this Act is national, applying across all states and territories within Australia. The regulation does not specify any exclusions, exemptions, or thresholds beyond the prescribed design and dimensions of the coin. The application of these regulations may be further extended or restricted through subordinate instruments as deemed necessary by the Treasurer.

Key Provisions

The key operative sections of the Currency Regulations (Amendment) (F1996B02560) pertain to the specifications for the design and issuance of coins as prescribed under Sub-section 14(2)(b) of the Currency Act 1965. Specifically, regulation 4 has been amended to prescribe the design for the reverse side of the 1987 $200 gold coin. This amendment ensures that the coin meets the standards set forth in the Act by featuring a special Bicentenary commemorative design depicting Governor Arthur Phillip against the theme of the departure of the First Fleet from Portsmouth in 1787. The Act imposes obligations on the parties involved, particularly the Treasurer, to ensure that any coin made and issued adheres to the prescribed standards of weight, design, and dimensions. The Treasurer is responsible for announcing and implementing the design changes, as exemplified in the transition from the standard 'koala' design to the Bicentenary commemorative design for the 1987 $200 gold coin. This requirement ensures consistency and adherence to legislative standards in the issuance of currency. Breaches of the Currency Act 1965 or the Currency Regulations can result in various penalties and consequences. Although the specific penalties are not detailed within the amendment itself, the Act generally provides for both civil and criminal sanctions for non-compliance. Civil penalties may include fines and other monetary penalties, while criminal penalties could involve imprisonment, reflecting the seriousness with which the law treats violations related to currency issuance and design. The exact penalties would depend on the nature and severity of the breach, as well as any additional provisions within the broader legislative framework.