EXPLANATORY STATEMENT
STATUTORY RULES 1986, NO 358
Issued by the 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. In addition, sub-section 14(3) provides that in making a coin, a remedy in respect of weight is allowable as prescribed.
On 9 August 1985 the Treasurer announced that the Government had given its in-principle approval to a request by the Premier of Western Australia to allow his Government, on behalf of the Commonwealth, to produce and issue gold bullion coins recognised as legal tender under the Act. Following consultations between the two Governments on issues raised by the proposal, agreement has now been reached on the details of a gold bullion coin program.
The program consists of legal tender gold bullion coins comprised of one, one-half, one-quarter and one-tenth ounce fine gold of not less than 99.99 per cent purity. The coins will be legal tender for the values of $100, $50, $25 and $15 respectively. As is the nature of gold bullion coins, however, their price will be determined by the ruling world price of gold plus a premium expressed as a percentage of that price.
The obverse side of all four coins will carry the effigy of Her Majesty, Queen Elizabeth II. The reverse side designs will feature representations of large gold nuggets that have been discovered in Australia and which provide the basis of the name under which the coins are to be known, ‘The Australian Nuggets’.
The amendments of the Currency Regulations prescribe the design details, composition, physical characteristics and remedy in respect of weight of the coins pursuant to paragraph 14 (2) (b) and section 14 (3) respectively of the Act.
The amendments of the Currency Regulations have effect on and after 12 December 1986.