EXPLANATORY STATEMENT
STATUTORY RULES 1988, NO 31
Issued by the Authority of the Treasurer
CURRENCY REGULATIONS (AMENDMENT)
Subsection 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.
The amendment to the Currency Regulations allows for a minor change to be made to the inscription appearing on the reverse designs of the Australian Nugget gold bullion coins. The change is planned to be effected on commencement of production of the 1988 series of these coins. The Australian Nugget coins are produced and issued on behalf of the Commonwealth by the Western Australian Development Corporation, trading as GoldCorp Australia. They are produced in four sizes containing one, one-half, one-quarter and one-tenth ounce fine gold of not less than 99.99 per cent purity and carry legal tender values of $100, $50, $25 and $15 respectively.
Specifically, the proposed amendment allows substitution of the numbers ‘9999’ for the word ‘FINE’ in the inscription ‘THE AUSTRALIAN NUGGET [1oz, 1/2oz, 1/4oz, 1/10oz] FINE GOLD’ which currently appears on the reverse designs of the Nugget coins. The numbers ‘9999’ (or ‘four nines’) are universally recognised in precious metal markets as denoting 99.99 per cent purity. By more clearly denoting this on the coins it is expected sales will be enhanced, particularly in South-East Asian markets where there is a strong emphasis on metal purity among buyers.
The amendment of the Currency Regulations comes into effect on the date of gazettal.