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.
Overview
The Currency Regulations (Amendment) Statutory Rules 1988, No. 45, issued under the authority of the Treasurer, were enacted to address the need for a specific regulation regarding the design of a commemorative $10 silver coin for the year 1988. This amendment responds to the directive provided in subsection 14(2)(b) of the Currency Act 1965, which mandates the standard specifications for coins issued by the Treasurer. The 1988 coin, commemorating Australia's Bicentennial, was to feature the arrival of Captain Arthur Phillip at Sydney Cove on its reverse side, with the effigy of Her Majesty, Queen Elizabeth II, on the obverse side, aligning with the established design standards of Australian legal tender coinage. The objective of this amendment was to formalise the design details of this particular coin as part of a series celebrating the Coat of Arms of each state and territory, with a special design for the Bicentennial year.
Scope and Application
The Currency Regulations (Amendment) Statutory Rules 1988, No 45, issued under the authority of the Treasurer, provide specific details regarding the design of a $10 commemorative sterling silver coin to be issued in 1988. This amendment pertains to the Currency Act 1965, which mandates that coins issued by the Treasurer must adhere to prescribed standards of weight, design, and dimensions. The regulation focuses on the design for the reverse side of the 1988 coin, featuring the arrival of Captain Arthur Phillip at Sydney Cove, marking a significant historical event. This regulation applies to the entities involved in the production and issuance of legal tender coins in Australia, ensuring compliance with the specifications outlined in the Act. The scope of these regulations extends nationally, as the Currency Act operates within the Commonwealth of Australia. There are no stated exclusions or exemptions in these regulations, and they do not alter the application of the Currency Act through subordinate instruments.
Key Provisions
The Currency Regulations (Amendment) Statutory Rules 1988, No 45, issued by the Authority of the Treasurer, primarily amend regulation 4 to set the design specifications for the 1988 $10 commemorative sterling silver coin (regulation 4). This regulation specifies that the reverse side of the coin should depict the arrival of Captain Arthur Phillip at Sydney Cove, showing three sailing ships with a manned longboat in the foreground (regulation 4(1)). The obverse side of the coin, as with all Australian legal tender coinage, must feature the effigy of Her Majesty, Queen Elizabeth II (regulation 4(2)). These design specifications are made pursuant to subsection 14(2)(b) of the Currency Act 1965, which mandates that coins issued by the Treasurer must adhere to prescribed standards, including weight, design, and dimensions.
Entities involved in the production and distribution of the 1988 $10 commemorative coin, such as the Royal Australian Mint, have specific obligations under these regulations. They must ensure that the coins meet the prescribed design specifications outlined in regulation 4. This includes maintaining the correct weight, dimensions, and ensuring the design elements on both the obverse and reverse sides of the coin are accurately and consistently reproduced. Additionally, the Royal Australian Mint must ensure that the coins are of the standard quality expected of legal tender.
Failure to comply with the design specifications outlined in regulation 4 could result in significant consequences. While the explanatory statement does not explicitly detail the specific offences or penalties for breaches of these regulations, violations of the Currency Act 1965 generally can lead to civil or criminal penalties. Typically, breaches of currency regulations may result in fines or imprisonment, depending on the severity and intent of the breach. It is advisable for entities involved in the minting and distribution of coins to adhere strictly to the prescribed standards to avoid any potential legal repercussions.