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.
Overview
The Currency Regulations (Amendment) Statutory Rules 1990, enacted by the authority of the Treasurer, address the need to prescribe the standard weight, design, and dimensions of coins to be issued by the Commonwealth as legal tender. This amendment responds to Section 14(2)(b) of the Currency Act 1965, which mandates that coins issued by the Treasurer must adhere to prescribed standards. The objective of these regulations is to ensure consistency and legal validity in the issuance of precious metal coins by Gold Corporation under the bullion coin agreements and the Royal Australian Mint for various numismatic releases. These regulations specifically detail the designs, dimensions, and legal tender values for a series of bullion coins and numismatic releases planned for 1991, including the Large Bullion Coin Series and the 1991 $10 ‘State’ Series silver coin. The amendments are crucial in formalising the specifications for these coins, thereby maintaining the integrity and recognisability of Australia’s legal tender currency.
Scope and Application
The Currency Regulations (Amendment) Statutory Rules 1990 No. 2574, issued under the authority of the Treasurer and pursuant to Section 14(2)(b) of the Currency Act 1965, pertains to the specifications of coins to be made and issued by the Treasurer. This Act applies to coins, specifically those authorised under bullion coin agreements, and those produced by Gold Corporation, a statutory authority of the Western Australian Government, and the Royal Australian Mint. The regulations cover the standard weight, design, and dimensions of these coins, which include various precious metal coins featuring distinct designs approved by the Treasurer. These coins are legal tender within Australia and are subject to the geographic jurisdiction of the Commonwealth. The regulations do not explicitly state exclusions or exemptions, but they are subject to amendments through subordinate instruments, ensuring the specifications remain current and applicable to the evolving nature of coin production and release.
Key Provisions
The Currency Regulations (Amendment) Statutory Rules 1990. No. 257 pertain to the specifications and issuance of legal tender coins in Australia, as per sections 14(2)(b) of the Currency Act 1965 (section 14(2)(b)). These regulations detail the requirements for the weight, design, and dimensions of coins to be made and issued by the Treasurer. Under these regulations, Gold Corporation (GoldCorp) has been authorised to produce legal tender precious metal coins. Scheduled for release on 2 January 1991, the Large Bullion Coin Series will include coins in gold, silver, and platinum, each featuring unique designs approved by the Treasurer. For instance, the Australian Nugget gold coins will bear a red kangaroo design, while the Australian Koala platinum coins will depict a koala on a tree branch. The Royal Australian Mint also plans various numismatic releases in 1991, such as the $200 ‘Pride of Australia’ Gold Coin featuring an emu, and the $10 ‘State’ Series silver coin showcasing the Tasmanian Coat of Arms. The Regulations amend regulations 3 and 4 of the Currency Regulations to set forth the reverse side designs and other characteristics of these coins.
The Currency Regulations (Amendment) impose specific obligations on GoldCorp and the Royal Australian Mint regarding the production and issuance of the coins. GoldCorp must ensure that the coins meet the prescribed standard weight, design, and dimensions. The designs on the reverse side of the coins must be approved by the Treasurer, as seen in the approvals for the kangaroo, koala, and kookaburra designs. The Royal Australian Mint is similarly required to produce coins with the approved designs and characteristics, such as the emu design for the $200 ‘Pride of Australia’ Gold Coin and the Tasmanian Coat of Arms for the $10 ‘State’ Series silver coin. All coins must feature the traditional effigy of Her Majesty Queen Elizabeth II on the obverse side, a requirement consistent with all Australian legal tender coinage.
Violations of the Currency Regulations (Amendment) can result in significant penalties. Under the Currency Act 1965, offences related to the production and issuance of coins can lead to both civil and criminal consequences. For example, producing or issuing coins that do not meet the prescribed standards or having unauthorised designs could result in fines or imprisonment. The maximum penalties for such offences are not explicitly stated in the provided excerpt, but they are likely to be severe given the importance of maintaining the integrity of the nation’s legal tender. Any entity found in breach of these regulations could face legal action, including substantial fines, and potentially, imprisonment for those responsible for the oversight and production of the coins.