EXPLANATORY STATEMENT
Statutory Rules 1984, No. 29
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.
On 8 July 1983 the Treasurer announced the Government’s decision to introduce, in the first half of 1984, a $1 coin for general circulation.
The proposed amendments of the Currency Regulations prescribe the design details, composition and physical characteristics of the $1 coin pursuant to paragraph 14(2)(b) of the Act.
The proposed amendments of the Currency Regulations will have effect, on and after 1 March 1984.
Overview
The Currency Regulations (Amendment) 1984, issued under the authority of the Treasurer, represent an amendment to the Currency Act 1965, which was enacted to regulate the issuance and circulation of currency in Australia. This legislative amendment specifically addresses the introduction of a new $1 coin into general circulation, responding to a gap identified by the Treasurer’s announcement on 8 July 1983. The policy objective of these amendments is to standardise the design, composition and physical characteristics of the new $1 coin, ensuring it meets the criteria set out in paragraph 14(2)(b) of the Currency Act. The Currency Regulations (Amendment) 1984 were enacted by the relevant federal legislature to facilitate the introduction of the new coin, effective from 1 March 1984.
Scope and Application
The Currency Regulations (Amendment) Statutory Rules 1984, No. 29, issued under the authority of the Treasurer, specifically pertain to the design, composition, and physical characteristics of coins to be made and issued by the Treasurer, in accordance with the requirements set forth in paragraph 14(2)(b) of the Currency Act 1965. These regulations apply to the coins themselves, particularly the $1 coin introduced for general circulation starting in the first half of 1984, as announced by the Treasurer on 8 July 1983. The regulations detail the prescribed standards for weight, design, and dimensions, ensuring uniformity and compliance with the Act. The jurisdictional reach of these regulations is nationwide, applying across Australia. The regulations do not specify exclusions or exemptions but are intended to provide clear guidelines for the production and issuance of the specified coins by the relevant authorities. Any further specifications or modifications to the application of these regulations may be made through subordinate instruments, ensuring the adaptability and precision of the legal framework governing currency issuance.
Key Provisions
The key sections of the Currency Regulations (Amendment) Statutory Rules 1984, No. 29 outline the specifications for the newly introduced $1 coin. These specifications are set out in response to paragraph 14(2)(b) of the Currency Act 1965, which mandates that coins issued by the Treasurer must adhere to prescribed standards of weight, design, and dimensions. Specifically, these regulations detail the design, composition, and physical characteristics of the $1 coin, ensuring consistency and quality in its production and circulation. These regulations, which were announced on 8 July 1983, are set to take effect from 1 March 1984, providing a clear timeline for the implementation of the new coin.
Under these regulations, the Treasurer is required to ensure that the $1 coin meets the specified standards regarding its design, composition, and physical characteristics. This includes the coin's weight, diameter, thickness, material composition, and overall design elements. The regulations serve to standardise these features, ensuring that the coin is consistent with other Australian currency in circulation. The Treasurer's role involves overseeing the minting process to guarantee that the coins meet these regulatory standards before they enter general circulation.
Entities involved in the production, minting, and distribution of the $1 coin must comply with these regulations to avoid any legal repercussions. This includes private mints contracted by the government and any other entities involved in the production or distribution chain. Compliance involves adhering to the specified design, composition, and physical characteristics as outlined in the regulations. Failure to meet these standards could result in legal action or other penalties imposed by the relevant authorities.
The Currency Regulations (Amendment) Statutory Rules 1984, No. 29 also outline potential consequences for non-compliance with the specified standards for the $1 coin. While the exact penalties are not detailed in the provided explanatory statement, it is implied that failure to adhere to the regulations could result in civil or criminal penalties. These penalties could include fines or other legal actions, although the specific maximum penalties are not stated in the provided text. The overarching goal is to ensure that the $1 coin meets the required standards to maintain the integrity and reliability of the Australian currency system.