Explanatory Statement
Statutory Rules 1990. No.
Issued by Authority of the Treasurer
Currency Regulations (Amendment)
Section 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.
Under the bullion coin agreements, the Commonwealth has authorised Gold Corporation (GoldCorp), a statutory authority of the Western Australian Government, to produce legal tender precious metal coins. GoldCorp is planning to release, on 2 January 1991, the Large Bullion Coin Series. The series is to comprise three coins (two ounces, ten ounces and one kilogram) in each of the precious metals, gold, silver and platinum. The Series details are:
the Australian Nugget gold coins feature a red kangaroo on -the reverse side. This design was approved by the Treasurer on 31 January 1989. The three coins in the issue (two ounces, ten ounces and one kilogram) will be legal tender to the values of $500, $2,500 and $10,000;
the Australian Koala platinum coins feature a koala clinging to a branch of a tree on the reverse side. This design was approved by the Treasurer on 7 September 1990. The three coins in the issue (two ounces, ten ounces and one kilogram) will be legal tender to the values of $500, $2,500 and $10,000; and
the Australian Kookaburra coins feature a kookaburra perched on a tree stump on the reverse side. This design was approved by the Treasurer on 5 August 1989. The three coins in this issue (two ounces, ten ounces and one kilogram) will be legal tender to the values of $10, $50 and $150.
The Royal Australian Mint is planning a number of numismatic releases during 1991. These include the $200 ‘Pride of Australia’ Gold Coin which is scheduled for release on 9 April 1991. The coin will be the third in the ten year ‘pride of Australia’ Series, which features a different Australian animal each year. This year’s coin features the emu.
The 1991 $10 ‘State’ Series silver coin is trie sixth release in the series. The commencement of this series was announced by the Minister Assisting the Treasurer on 13 June 1935. The Tasmanian Government has consented to the use of the Tasmanian Coat of Arms as the reverse side design for the 1991 release. The coin is scheduled for release on 11 May 1991.
The $10 ‘Birds of Australia’ series silver coin, to be issued in both standard and piedfort (double thickness) versions, will be the third in a ten year series. This year’s reverse design depicts the jabiru and was approved by the Treasurer on 5 December 1990. The coin is scheduled for release on 1 August 1991.
The 8 coin set is to comprise 1i, 2i, 5i, 10£, 20£, 50c, $1 and $2 coins and features the standard reverse side designs except for the reverse design of the 50c denomination, which features a ram’s head. The design was approved by the Treasurer on 10 September 1990. This set is scheduled for release on 14 February 1991, the 25th Anniversary of the introduction of decimal currency in Australia.
Consistent with all Australia’s legal tender coinage, the traditional effigy of Her Majesty Queen Elizabeth II will appear on the obverse side of all these coins.
The Regulations amend regulations 3 and 4 of the Currency Regulations to prescribe matters relating to the reverse side designs and other characteristics of the coins.