Currency Regulations (Amendment)

Overview

The Currency Regulations (Amendment) 1989, enacted by the Parliament of Australia, was introduced to amend existing currency regulations under the Currency Act 1965 to accommodate the issuance of two new coin sets in 1989: the ‘Masterpieces in Silver’ coin set and the Holey Dollar and Dump coin set. This amendment was necessitated to standardise the design, weight, and dimensions of these commemorative coins, in accordance with the legislative framework established by the Currency Act. The policy objective behind these amendments was to ensure that the newly designed coins met the legal standards for currency and to facilitate the continued issuance of commemorative coins that celebrate significant historical and cultural events in Australia. The changes were authorised by the Treasurer, reflecting the government’s commitment to preserving and commemorating Australia’s heritage through its coinage.

Scope and Application

The Currency Regulations (Amendment) Statutory Rules 1989, No 252 amends the Currency Regulations under the authority of the Treasurer, affecting the design and issuance of coins by the Commonwealth of Australia. The amendment pertains to the 1989 'Masterpieces in Silver' coin set, which includes five commemorative 50 cent coins restruck in proof silver and dated 1989, as well as the 1989 Holey Dollar and Dump coin set. These coins, issued by the Royal Australian Mint and GoldCorp Australia respectively, must adhere to the prescribed weight, design, and dimensions as outlined in the Currency Act 1965. The 'Masterpieces in Silver' coin set continues a series that began with bicentenary circulating coins and a Parliament House commemorative collector coin, while the Holey Dollar and Dump coin set, featuring designs based on Aboriginal 'Dreamtime' mythology, is part of an annual series approved by the Treasurer. The amendment ensures these coins, along with all legal tender coinage, bear the effigy of Her Majesty, Queen Elizabeth II on the obverse side. The regulation's application extends nationally, with no stated exclusions or thresholds, and is subject to further elaboration or restriction through subordinate instruments as necessary.

Key Provisions

The key operative sections of the Statutory Rules 1989, No 252, issued under the authority of the Treasurer, pertain to Regulation 4 of the Currency Regulations (Amendment). This amendment regulates the design and release of two specific coin sets: the 1989 'Masterpieces in Silver' coin set and the 1989 Holey Dollar and Dump coin set. According to section 14(2)(b) of the Currency Act 1965, these coins must adhere to the standard weight, design, and dimensions as prescribed by regulation. Specifically, Regulation 4 now includes detailed specifications for these coin sets, ensuring they meet the legal requirements for Australian legal tender. The Act imposes certain obligations and requirements on the parties involved in the creation and issuance of these coins. The Royal Australian Mint, in collaboration with the Minister Assisting the Treasurer, must ensure that the 'Masterpieces in Silver' coin set features five commemorative 50 cent coins restruck in proof silver and dated 1989. These coins must depict specific historical events: the Captain Cook Bicentenary (1970), the Silver Jubilee of Queen Elizabeth II (1977), the Royal Wedding of the Prince and Princess of Wales (1981), the Brisbane Commonwealth Games (1982), and the Bicentenary (1988). Similarly, GoldCorp Australia, under its agreement with the Commonwealth, is required to produce the Holey Dollar and Dump coin set, which includes a $1 coin and a 25¢ coin, with reverse designs based on Aboriginal 'Dreamtime' mythology from the north of Western Australia. Both entities must ensure the coins bear the effigy of Her Majesty, Queen Elizabeth II on the obverse side, consistent with all Australian legal tender coinage. Any breach of the provisions set forth in the Currency Act 1965 and the subsequent amendments to the Currency Regulations could lead to serious consequences. Offences under this Act might include the unauthorised production of coins or the issuance of coins that do not meet the prescribed standards. Penalties for such breaches can include substantial fines or imprisonment, depending on the severity of the offence. The maximum penalties are not explicitly stated in the document but typically reflect the seriousness of the violation and the intent behind it. Civil or criminal liability may also apply, with courts having the discretion to impose penalties that fit the specific circumstances of each case.