Currency Regulations (Amendment)

Overview

The Currency Regulations (Amendment) Statutory Rules 1985, No. 241, issued under the authority of the Treasurer, address the need to prescribe the design details for the 1985 $10 commemorative sterling silver coin as required by the Currency Act 1965. This amendment ensures that the coin meets the standard weight, design, and dimensions set forth by the Act. The regulation update facilitates the issuance of the planned series of $10 commemorative coins, each incorporating the Coat of Arms of the various states and territories, thereby commemorating significant anniversaries such as the Victorian sesquicentenary. The policy objective of these regulations is to maintain the integrity and design standards of Australian currency while celebrating the nation's heritage. This legislative amendment was enacted by the relevant legislature to ensure that the commemorative coins adhere to the specifications mandated by the Currency Act. The amendment, which involves updating the design details of the coins, was introduced to provide clear guidelines for the production of the commemorative series, ensuring they are both legally compliant and reflective of the intended historical and cultural significance.

Scope and Application

The Currency Regulations (Amendment) Statutory Rules 1985, No. 241, issued by the Authority of the Treasurer, amends the Currency Regulations to prescribe the design details for a commemorative $10 sterling silver coin to be issued in 1985. This amendment applies to the coins to be made and issued by the Treasurer under the Currency Act 1965, specifically ensuring they meet the standard weight, design, and dimensions prescribed by regulation. The amendment extends to the Commonwealth level, impacting the national currency and coin specifications. Notably, the regulations do not specify any exclusions or exemptions, thereby applying broadly to all coins issued under the Act. The amendment is executed through subordinate instruments, indicating that further details and specifications will be provided in the regulations themselves, which are subject to the overarching framework established by the Currency Act 1965.

Key Provisions

The main sections of the Currency Regulations (Amendment) that are relevant here are the amendments to regulation 4, which pertain to the design details of the 1985 $10 commemorative silver coin. According to these regulations (paragraph 14(2)(b) of the Currency Act 1965), the design, weight, and dimensions of the coin must be as prescribed by regulation. This means that any coin issued must adhere strictly to the specifications set forth in these regulations. The obligations imposed by the Currency Regulations (Amendment) on the relevant parties, including the Treasurer, are to ensure that the 1985 $10 silver coin conforms to the prescribed design and specifications. This includes obtaining necessary consents, such as from the Victorian Premier for the use of the Victorian Coat of Arms on the coin, and ensuring that the coin meets the standard weight, design, and dimensions as stipulated in the regulations. Breaches of these regulations could lead to various civil or criminal consequences. The specific offences and penalties are not detailed in the provided excerpt, but generally, failure to comply with currency regulations can result in fines or other penalties as prescribed by law. It is important for the Treasurer and other relevant parties to strictly adhere to the regulations to avoid any legal repercussions. The exact nature and severity of penalties would depend on the specific breach and the provisions of the Currency Act 1965.