EXPLANATORY STATEMENT
STATUTORY RULES 1987, NO. 300
Issued by the Authority of the Treasurer
CURRENCY REGULATIONS (AMENDMENT)
Subsection 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.
In the context of his releasing the design proposed for the new $2 coin planned for release in early 1988 (in place of the $2 note), the Treasurer announced on 7 September 1987 that the Government had also decided to incorporate a number of special designs on Australia’s circulating and numismatic coinage in 1988 to mark the Bicentenary. These designs are intended to be featured on the 50¢ and $1 circulating coins and the $10 silver and $200 gold numismatic/collector coins currently issued annually by the Royal Australian Mint. The Treasurer also announced that a special one-off $5 coin is to be issued next year to commemorate the opening of the new Parliament House.
The amendments now proposed to the Currency Regulations are intended to authorise the issue of the 50¢, $1, $2 and $5 coins, all of which are to be released in the first half of 1988. Further amendments authorising the issue of the $10 and $200 coins will be proposed once the designs of these coins are finalised.
As proposed, regulation 4 of the Currency Regulations will be amended to prescribe the the reverse side designs of the 1988 50¢, $1 and $5 coins and the $2 coin (the design of which is to be retained after 1988) broadly as follows:
• For the 50 cent coin, a representation of a sailing ship superimposed on an historical map of Australia embellished by a compass and the Southern Cross;
• For the $1 coin, a representation of an Australian Aboriginal drawing of a kangaroo superimposed on abstract Aboriginal art work;
• For the $5 coin, a representation of the New Parliament House; and.
As has already been announced, for the $2 coin a representation of the head and shoulders of a traditional Australian Aboriginal set against the Southern Cross and Australian flora.
It is intended that copies of the actual designs for the 50¢, $1 and $5 coins will be released by the Treasurer closer to the time the coins are issued.
As is also required in respect of the new $2 and $5 coins, regulations 4 and 7, together with the Schedules to the Act and Regulations, will be further amended to prescribe the edge, size and weight characteristics, as well as the metal content, of these coins. The obverse design intended for these coins (namely the effigy of Her Majesty Queen Elizabeth II in common with all Australia’s coins) is already provided for in the Regulations.
Overview
The Currency Regulations (Amendment) Statutory Rules 1987, No. 300, enacted by the authority of the Treasurer, introduces amendments to the Currency Regulations to address the need for special designs on Australia's circulating and numismatic coinage in 1988 to mark the Bicentenary. The Currency Act 1965 sets out the requirements for coins to be made and issued by the Treasurer, including their standard weight, design, and dimensions. The Treasury, as part of the Government's initiative, decided to incorporate a series of special designs on the 50 cent and $1 circulating coins, as well as the $10 silver and $200 gold numismatic/collector coins, to celebrate this significant milestone. This amendment also authorises the issuance of a special one-off $5 coin to commemorate the opening of the new Parliament House. The policy objective behind these amendments is to commemorate and celebrate Australia's Bicentenary through the design of its circulating and numismatic coinage.
Scope and Application
The Currency Regulations (Amendment) under the Currency Act 1965 applies to the design, specifications, and issuance of coins by the Treasurer, with a specific focus on the release of commemorative coins in 1988 to mark Australia's Bicentenary. This amendment authorises the production and issuance of the new $2 coin, replacing the $2 note, along with special designs on circulating and numismatic coins, including the 50¢, $1, $10, $200, and a special one-off $5 coin commemorating the opening of the new Parliament House. The regulations will prescribe the standard weight, design, and dimensions for these coins, with specific reverse designs announced for the 50¢, $1, and $5 coins, and the design of the $2 coin intended to be retained beyond 1988. The amendments also extend to the edge, size, weight, and metal content of these coins. This regulation applies nationally within Australia, overseen by the Commonwealth, and is subject to further amendments once the designs for the $10 and $200 coins are finalised. There are no stated exclusions or exemptions in the proposed amendments, and they are implemented through subordinate instruments under the authority of the Treasurer.
Key Provisions
The Currency Regulations (Amendment) primarily amend regulations 4 and 7 to permit the release of several new coins, including the 50¢, $1, $2, $5, $10 and $200 coins, to be issued in the first half of 1988 (regs 4, 7). Regulation 4 specifies the reverse side designs of the coins, while regulation 7 specifies the coins' edge, size, weight and metal content. These coins are intended to commemorate the Australian Bicentenary and the opening of the new Parliament House.
The amendments impose several obligations on the relevant parties, particularly the Treasurer and the Royal Australian Mint. The Treasurer must ensure the coins are issued in accordance with the Act and Regulations, including the prescribed designs, edge, size, weight and metal content (s 14(2)(b)). The Royal Australian Mint must produce the coins to these specifications. The Act and Regulations also require the coins to be legal tender and to bear the effigy of Her Majesty Queen Elizabeth II on the obverse.
Breach of the Currency Regulations may result in civil or criminal penalties. While the specific penalties are not detailed in the Explanatory Statement, under the Currency Act, offences may be subject to fines and/or imprisonment. For example, section 20 of the Act provides that a person who makes, alters or possesses counterfeit currency may be fined up to $10,000 or imprisoned for up to 5 years, or both. The Regulations may also specify penalties for breach of the Regulations, although these are not outlined in the Explanatory Statement. The maximum penalties for breach of the Regulations will depend on the specific provision breached.