Explanatory Statement
Statutory Rules 1990, No. 60
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 1990 ANZAC commemorative coin is issued to commemorate the 75th Anniversary of the ANZAC landings at Gallipoli. The issue and design of this coin were approved by the Treasurer on 4 October 1989. The reverse side design of this coin features a representation of the statue, sculpted by Peter Corlett, known as ‘Simpson and his donkey’. This coin is legal tender for $5.
The 1990 State Series silver coin is the fifth issue in this series of coins. The commencement of this series was announced by the Minister Assisting the Treasurer on 18 June 1985. The 1985, 1986, 1987 and 1989 coins featured the Victorian, South Australian, New South Wales and Queensland coat of arms respectively. The 1988 coin featured a special bicentennial design based on the first fleet. The Western Australian Government has consented to the use of the Western Australian coat of arms as the reverse side design of the 1990 coin. This coin is legal tender for $10.
The 1990 ‘Birds of Australia’ series silver coin is the second issue in this series, expected to last about five years, based on the design theme of Australian native birds. The reverse side design on the 1990 coin was approved by the Treasurer on 20 December 1989 and features a sulphur-crested cockatoo. This coin is legal tender for $10.
The 1990 gold collector coin is the second issue in a ten year series based on the design theme of Australian animals. The series is known as the ‘Pride of Australia’ and each year a new design will be issued. The reverse side design of the 1990 coin, approved by the Treasurer on 20 December 1989, features a platypus. This coin is legal tender for $200.
All four coins are issued as part of the Royal Australian Mint’s 1990 collector coin programme. The 1990 ANZAC commemorative coin, the 1990 State series silver coin and the 1990 ‘Pride of Australia’ gold collector coin are released in proof and uncirculated versions. The 1990 ‘Birds of Australia’ series silver coin is released in proof and Piedfort (double thickness) versions, as was the case in 1989.
Consistent with all Australia’s legal tender coinage, the traditional effigy of Her Majesty, Queen Elizabeth II appears on the obverse side of all these coins.
The amendment to Regulation 3 of the Currency Regulations provides for the Piedfort version of the 1990 ‘Birds of Australia’ silver coin to have the standard weight, dimensions and remedy in respect of weight as specified in item 10A of the Schedule.
The amendment to Regulation 4 of the Currency Regulations prescribes matters relating to the obverse and reverse side designs of each of the coins.
Overview
The Currency Regulations (Amendment) (Statutory Rules 1990, No. 60) were issued by authority of the Treasurer and came into effect on the date of their publication. This amendment was enacted to address the specifications and legal tender status of several new commemorative and collector coins issued by the Royal Australian Mint in 1990. The changes were made under the authority of the Currency Act 1965, with the aim of ensuring that these new coins meet the prescribed standards for weight, design and dimensions. The policy objective was to facilitate the issuance of these commemorative coins while maintaining the integrity and legal status of Australia's currency. The 1990 ANZAC commemorative coin, the 1990 State Series silver coin, the 1990 ‘Birds of Australia’ series silver coin and the 1990 ‘Pride of Australia’ gold collector coin were all introduced to mark significant anniversaries and themes relevant to Australian history and culture.
Scope and Application
The Currency Regulations (Amendment) Statutory Rules 1990, No. 60 pertains to the specifications and issuance of commemorative coins by the Treasurer, as authorised under the Currency Act 1965. This legislation applies to the 1990 ANZAC commemorative coin, the 1990 State Series silver coin, the 1990 ‘Birds of Australia’ series silver coin, and the 1990 ‘Pride of Australia’ gold collector coin, all of which are legal tender and bear the effigy of Her Majesty, Queen Elizabeth II on their obverse sides. The regulations also determine the design and specifications of these coins, ensuring they adhere to the prescribed standards of weight, design, and dimensions. The amendments to the Currency Regulations, particularly Regulations 3 and 4, establish the specific details regarding the Piedfort version of the 1990 ‘Birds of Australia’ coin and the designs for each coin, thereby governing their issuance and circulation within Australia.
Key Provisions
The key provisions of the legislation pertain to the specifications and designs of four coins issued in 1990 by the Royal Australian Mint (sections 1 and 2). The coins include a commemorative ANZAC coin, a State Series silver coin, a ‘Birds of Australia’ series silver coin, and a ‘Pride of Australia’ gold collector coin. The design of each coin is approved by the Treasurer and is detailed in the regulations (section 2). The ANZAC coin, State Series coin, and gold collector coin are issued in proof and uncirculated versions, while the ‘Birds of Australia’ coin is issued in proof and Piedfort versions. All coins feature the effigy of Queen Elizabeth II on the obverse side. The amendments to Regulations 3 and 4 prescribe the specifications for the Piedfort version of the ‘Birds of Australia’ coin and the designs for each coin respectively (section 2).
The legislation imposes specific obligations on the parties involved in the minting and issuance of these coins. The Treasurer is responsible for approving the design of each coin (section 2). The Royal Australian Mint must adhere to the prescribed specifications for weight, dimensions, and design as outlined in the regulations (section 2). The Western Australian Government has consented to the use of the state’s coat of arms on the 1990 State Series coin (section 2). Furthermore, the legislation mandates that the coins are legal tender for the specified amounts (section 2).
Breaches of the regulations set out in the legislation may lead to various penalties and consequences. Although the specific penalties are not detailed in the text, under Australian law, unauthorised minting of coins can lead to criminal charges, including fines and imprisonment. The Currency Act 1965, which this amendment operates under, contains provisions for prosecution and penalties for offences related to currency and coin issuance. The maximum penalties for such offences can include substantial fines and/or imprisonment, depending on the severity of the breach. These penalties serve to enforce compliance with the legislative requirements and maintain the integrity of the currency system.