Explanatory Statement
Statutory Rules 1988, No. 137
Issued by the Authority of the Treasurer
Currency Regulations (Amendment)
Paragraph 14(2)(a) of the Currency Act (the Act) provides that a coin to be made and issued by the Treasurer shall be of the standard composition specified, by regulation, in the Schedule to the Act in relation to that coin; subsection 13(3) provides that more than one standard composition or weight may be specified in relation to coins of a particular denomination. Paragraph 14(2)(b) provides that a coin shall be of the standard weight, design and dimensions as prescribed in relation to that coin; subsection 14(2A) provides that more than one standard weight, design or set of dimensions may be prescribed in relation to that coin.
It is proposed that a $2 sterling silver coin in proof condition be issued in conjunction with the release of the $2 circulating coin on 20 June 1988. It is also proposed that a four coin ($5, $2, $1 and 50 cent) Bicentennial commemorative collector set, also in sterling silver and in proof quality, be issued in September 1988. These coins would have the same designs, diameters and thicknesses as the base alloy coins of the same denomination but their alloy compositions, standard weights and remedies in respect of weight would differ. The silver coins would be produced and marketed as premier collector items.
The design of the 1988 $200 gold coin will feature a special Bicentennial commemorative design depicting Governor Arthur Phillip’s arrival at Sydney Cove in 1788. This design will complement the design of the 1987 $200 gold coin which depicted Governor Phillip set against a theme of the departure of the First Fleet from Portsmouth in 1787.
The amendments to the Currency Regulations (the Regulations) authorise the issue of the $5, $2, $1 and 50 cent sterling silver coins and the design of the 1988 $200 gold coin. Specifically, regulation 1 of the Currency Regulations (Amendment) substitutes a new regulation 3 in the Regulations prescribing that the standard weight, diameter, thickness and remedy in respect of weight in relation to each coin, be specified in the Schedule to the Regulations.
Amending regulation 2 prescribes the reverse design of the $200 gold coin. Amending regulation 3 repeals regulations 5 and 6 of the Regulations and amending regulation 4 prescribes in the Schedule to the Act the standard composition for the $5, $2, $1 and 50 cent silver coins.
Finally, the amending regulation 5 substitutes a new Schedule in the Regulations.