Explanatory Statement
Statutory Rules 1989, No 252
Issued by 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.
The Royal Australian Mint’s 1989 ‘Masterpieces in Silver’ coin set, approved by the Minister Assisting the Treasurer on 2 July 1989, contains five previously released commemorative 50 cent coins restruck in proof silver and dated 1989. The five previously released commemorative coins are:
1970 Captain Cook Bicentenary
1977 Silver Jubilee of Queen Elizabeth II
1981 Royal Wedding of the Prince and Princess of Wales
1982 Brisbane Commonwealth Games
1988 Bicentenary
The 1989 ‘Masterpieces in Silver’ coin set continues the series which commenced last year with the release of the bicentenary circulating coins (50¢, $1 and $2) and $5 Parliament House commemorative collector coin in sterling silver. The series is expected to continue in 1990 and end in 1991. 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 1989 issue of the Holey Dollar and Dump coin set is the second in an annual series of these coins by GoldCorp Australia. The series is expected to continue for at least the next five years. Each year the set will feature a different reverse side design based on Aboriginal ‘Dreamtime’ mythology. This arrangement was approved by the Treasurer on 31 January 1989 as part of GoldCorp’s overall coin marketing strategy.
The 1989 issue features two designs that represent symbols from the ‘Dreamtime’ mythology of Aboriginal communities in the north of Western Australia. The requirement to use designs based on Aboriginal ‘Dreamtime’ mythology is included in the Agreement between the Commonwealth and GoldCorp in relation to silver coins. The designs were developed in consultation with Professor Berndt and Dr Stanton of the Anthropology Department of the University of Western Australia and have received the endorsement of the appropriate Aboriginal communities of Western Australia. The Holey Dollar and Dump will be legal tender to the values of $1 and 25¢ respectively.
Consistent with all Australia’s legal tender coinage, the effigy of Her Majesty, Queen Elizabeth II appears on the obverse side of all of these coins.
The amendments to Regulation 4 of the Currency Regulations prescribe matters relating to the design of the 1989 ‘Masterpieces in silver’ coin set and the 1989 Holey Dollar and Dump coin set.