EXPLANATORY STATEMENT
STATUTORY RULES 1988, No 45
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.
On 18 June 1985, the Minister Assisting the Treasurer announced the issue of a planned series of $10 commemorative sterling silver coins that are intended to incorporate in successive years, other than 1988 when a Bicentennial commemorative design would be featured, the Coat of Arms of each of the States, the Northern Territory and the Commonwealth. Three coins in this series have so far been issued featuring the Coat of Arms of Victoria, South Australia and New South Wales in 1985, 1986 and 1987 respectively.
The Bicentennial design to be incorporated on the reverse side of this year’s coin features the arrival of Captain Arthur Phillip at Sydney Cove. Specifically, it depicts three sailing ships with a manned longboat in the foreground. Consistent with all of Australia’s legal tender coinage, the effigy of Her Majesty, Queen Elizabeth II, is to appear on the obverse side of the coin.
The amendment to regulation 4 of the Currency Regulations prescribes the details of the design on the reverse side of the 1988 $10 silver coin pursuant to paragraph 14(2)(b) of the Act.