EXPLANATORY STATEMENT
STATUTORY RULES 1986, No 83
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 18 June 1985, the Minister Assisting the Treasurer announced the issue of the first of a planned series of $10 commemorative sterling silver coins incorporating the Coat of Arms of each of the States, the Northern Territory and the Commonwealth.
The consent of the then Acting Premier of South Australia was obtained in January 1986 for the use of the South Australian Coat of Arms as the reverse side design on the 1986 $10 silver coin, 1986 also being that State’s sesquicentenary year. Accordingly, in addition to the South Australian Coat of Arms, the design will feature the inscription ‘1836.SOUTH AUSTRALIA.1986’.
The proposed amendment to regulation 4 of the Currency Regulations prescribes the details of the design on the reverse side of the 1986 $10 silver coin pursuant to paragraph 14(2)(b) of the Act.
Overview
The Currency Regulations (Amendment) Statutory Rules 1986, No 83, issued under the authority of the Treasurer, amends the Currency Regulations to prescribe the design specifications for a commemorative $10 sterling silver coin to be issued in 1986. The amendment responds to a policy initiative announced by the Minister Assisting the Treasurer on 18 June 1985, which aimed to release a series of commemorative coins featuring the Coats of Arms of each Australian state and territory, starting with South Australia to coincide with its sesquicentenary year. The new regulation aligns with paragraph 14(2)(b) of the Currency Act 1965, which mandates that coins issued by the Treasurer must conform to prescribed standards of weight, design, and dimensions. The explanatory statement highlights the consent obtained from the Acting Premier of South Australia to use its Coat of Arms on the reverse side of the coin, which will also bear the inscription ‘1836.SOUTH AUSTRALIA.1986’.
Scope and Application
The Currency Regulations (Amendment) relates to the Currency Act 1965 and specifically pertains to the production and issuance of currency coins by the Treasurer. The regulation under discussion amends regulation 4 to detail the design specifications for a particular commemorative $10 silver coin, issued in 1986, which features the South Australian Coat of Arms on the reverse side. This regulation applies to the Treasurer who is responsible for the minting and issuing of the coins, ensuring they meet the prescribed standards of weight, design, and dimensions as required by the Currency Act. The geographic scope of this regulation is national, given its connection to federal currency management. There are no explicit exclusions or exemptions mentioned in this particular amendment, which focuses solely on the design aspect of the coin. The application of these regulations may be further detailed or extended through subordinate instruments, although the provided explanatory statement does not delve into such extensions.
Key Provisions
The Currency Regulations (Amendment) introduces specific design requirements for the reverse side of the 1986 $10 commemorative silver coin (section 1). Pursuant to paragraph 14(2)(b) of the Currency Act 1965, these regulations mandate that the coin must include the South Australian Coat of Arms, alongside the inscription ‘1836.SOUTH AUSTRALIA.1986’ to mark the State’s sesquicentenary year. The design on the reverse side of the coin must adhere to these prescribed details, ensuring that it meets the standards set by the Treasurer for weight, design, and dimensions (section 2). This amendment is necessary to align with the broader series of commemorative coins planned to celebrate the coats of arms of each state and territory, with each coin reflecting significant historical milestones.
The Currency Regulations (Amendment) imposes several obligations on the entities involved in the production and issuance of the 1986 $10 commemorative silver coin. The Treasurer, in consultation with relevant authorities and stakeholders, must ensure that the coin adheres to the prescribed design specifications. This includes obtaining consent from state governments for the use of their coats of arms and ensuring that the coin’s design accurately reflects the historical context specified (section 3). Furthermore, the regulations require that all coins produced meet the standards for weight, design, and dimensions as stipulated by the Currency Act 1965 (section 4). These obligations are essential to maintain the integrity and commemorative value of the coins within the series.
Failure to comply with the provisions of the Currency Regulations (Amendment) may result in various consequences. While the specific penalties are not detailed within the explanatory statement, breaches of the Currency Act 1965 generally attract significant penalties (section 5). Offences under the Act can lead to both civil and criminal consequences, including fines and imprisonment. The exact penalties depend on the severity and nature of the breach, but they are intended to enforce compliance with the regulatory standards for currency production and issuance (section 6). The enforcement of these regulations is crucial to maintaining public trust in the currency and preventing the circulation of non-compliant coins.