Currency Regulations (Amendment)

Overview

The Currency Regulations (Amendment) Statutory Rules 1987, No 142, issued by the authority of the Treasurer, amend the Currency Regulations 1965 to facilitate the issuance of a commemorative $10 sterling silver coin for 1987. This amendment was enacted to address the need to prescribe the design details of a specific commemorative coin in line with the requirements set out in the Currency Act 1965. The Currency Act 1965 provides the legal framework for the production and issuance of coins by the Treasurer, and under this act, coins must adhere to prescribed standards of weight, design, and dimensions. The policy objective behind these regulations is to ensure that commemorative coins are produced with the necessary approvals and designs, as evidenced by the requirement for the consent of the Premier of New South Wales for the use of the New South Wales Coat of Arms on the reverse side of the coin. The issuing body, the Treasurer, thus ensures that the coins meet all legal and design specifications before they are made available.

Scope and Application

The Currency Regulations (Amendment) Statutory Rules 1987, No 142, issued by the authority of the Treasurer, amend the Currency Regulations under the Currency Act 1965. These regulations apply to the issuance of coins by the Treasurer, ensuring that they meet the prescribed standards of weight, design, and dimensions as stipulated by the Act. This particular amendment relates specifically to the design of a commemorative $10 silver coin for the year 1987, which incorporates the Coat of Arms of each state and territory, as well as the Commonwealth, on the reverse side. The amendment to regulation 4 of the Currency Regulations prescribes the details of the design for the 1987 $10 silver coin featuring the New South Wales Coat of Arms, following the acquisition of consent from the Premier of New South Wales. The geographic reach of these regulations is national, encompassing all states and territories within Australia, and they apply to the entities and individuals involved in the design, minting, and issuance of coins by the Treasurer. There are no specific exclusions or exemptions mentioned in the text, and the application of the Act is extended through subordinate instruments in the form of these regulations.

Key Provisions

The Currency Regulations (Amendment) primarily focus on the amendment of regulation 4, which pertains to the design, weight, and dimensions of coins issued by the Treasurer under the Currency Act 1965. Specifically, regulation 4 now includes detailed specifications for the reverse side design of the 1987 $10 commemorative silver coin, incorporating the Coat of Arms of the states and territories of Australia, as required by section 14(2)(b) of the Act. This regulation ensures that the coins meet the prescribed standards for weight, design, and dimensions. The Act imposes obligations on the Treasurer to ensure that any coin issued complies with the regulations set forth under section 14(2)(b). This includes obtaining necessary consents from relevant authorities, such as the Premier of New South Wales for the use of the state's Coat of Arms on the coin. The Treasurer must ensure that all coins meet the prescribed standards to maintain the integrity and uniformity of the currency. Failure to comply with the Currency Regulations can result in various consequences. While the specific penalties are not detailed in the explanatory statement, breaches of the Currency Act or its regulations could lead to civil or criminal penalties under the relevant sections of the Act. For instance, counterfeiting or producing coins without authorisation can attract significant fines and imprisonment, as stipulated in other parts of the Act. The precise penalties would depend on the nature and severity of the breach.