Explanatory Statement
Statutory Rules 1989, No 299
Issued by the Authority of the Treasurer
Currency Regulations (Amendment)
Paragraph 14(2)(a) of the Currency Act 1965 (the Act) provides that a coin to be made and issued by the Treasurer shall be of the standard composition specified, by regulation, in the Schedule to the Act in relation to that coin; subsection 13(3) provides that more than one standard composition or weight may be specified in relation to coins of a particular denomination. Paragraph 14(2)(b) of 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; subsection 14(2A) provides that more than one standard weight, design or set of dimensions may be prescribed in relation to that coin. In addition, sub-section 14(3) provides that in making a coin, a remedy in respect of weight is allowed.
On 29 June 1989, the Treasurer approved a new design theme for the Australian Nugget gold proof coins series commencing with the 1989 issue featuring Kangaroos. Gold Corporation has been appointed under an agreement with the Commonwealth to make and issue a series of Australian gold bullion coins called the Australian Nuggets. The Kangaroo theme replaces the earlier theme depicting twelve famous Australian gold nugget discoveries.
The 1989 Australian Nugget proof gold coins include, for the first time, a 1/20 oz coin which is legal tender for $5, in addition to the existing 1 oz, ½ oz, ¼ oz and 1/10 oz coins which have legal tender values of $100, $50, $25 and $15 respectively. As is the nature of gold proof coins, their price will be determined by the ruling world price of gold plus a premium expressed as a percentage of that price.
The new design for the reverse side of the 1989 coin features a red kangaroo, replacing the nugget theme. The Nugget theme depicted twelve famous gold nugget discoveries on the proof issues of the past three years. In all other respects the 1989 Australian Nugget proof gold coins are unchanged from the Australian Nugget proof gold coins for the past three years.
The obverse side of all five coins carries the traditional effigy of Her Majesty, Queen Elizabeth II.
The amendments of the Currency Regulations prescribe the design details of the four existing coins (1 oz, ½ oz, ¼ oz and 1/10 oz) pursuant to paragraphs 14(2)(b) and 14(2)(A). The amendments also prescribe the design, standard composition, physical characteristics and remedy in respect of weight of the new $5 coin pursuant to paragraphs 14(2)(a), 14(2)(b), and subsection 14(3).