Explanatory Statement
Statutory Rules 1990. No. 300
Issued by Authority of the Treasurer
Currency Regulations (Amendment)
Section 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.
Under the bullion coin agreements, the Commonwealth has authorised Gold Corporation (GoldCorp), a statutory authority of the Western Australian Government, to produce legal tender precious metal coins. GoldCorp’s 1990 proof and 1991 bullion platinum Koala coins are the third and fourth releases respectively in annual issues of these coins. Each year the coins feature a different Koala design on the reverse side. The reverse side design on all five denominations of these issues was approved by the Treasurer on 7 September 1990. The five coins in each issue (1oz, %oz, %oz, 1/10 oz 1/20oz) are legal tender to the values of $100, $50, $25, $15 and $5 respectively.
The 1990 Holey Dollar and Dump coin set is third in an annual series by GoldCorp featuring, each year, different reverse side designs based on Aboriginal ‘Dreamtime’ mythology. The reverse side designs are representations, in traditional Australian Aboriginal style, of two men fishing with spears, two barramundi and a garfish on the Holey Dollar, and on the Dump, dancing women against a stippled background. The designs were approved by the Treasurer on 7 September 1990. The Holey Dollar and Dump are again legal tender to the values of $1 and 25# respectively.
Gold Corp’s 1991 bullion 1oz Kookaburra coin is the second in an annual series of bullion silver coins based on the Kookaburra design theme. The reverse side design for the 1991 release, which was approved by the Treasurer on 7 September 1990, features a Kookaburra perched on the limb of a tree. The coin is legal tender for $5.
Both the 1991 bullion platinum Koala coins and the 1991 bullion Kookaburra coin will be released in November 1990 as part of GoldCorp’s marketing strategy to capture the Christmas market for bullion coins. This strategy was successfully implemented last year for its 1990 bullion coins.
The Royal Australian Mint’s 1990 ‘Masterpieces in Silver’ coin set is the third in an annual series which commenced in 1988. The year’s release was approved by the Minister Assisting the Treasurer on 19 July 1990. The 1990 issue
features the Mint’s three previously released $1 coins restruck in proof silver and dated 1990. The coins are the 1984 Standard Kangaroos, the 1986 Peace Dollar, and the 1988 Bicentenary Kangaroos. The ‘Masterpieces in Silver’ series is expected to continue until 1992.
Consistent with all Australia’s legal tender coinage, the traditional effigy of Her Majesty Queen Elizabeth II will appear on the obverse side of all these coins.
The proposed amendments to Regulation 4 of the Currency Regulations prescribe matters relating to the reverse side designs of each of the coins.
Overview
The Currency Regulations (Amendment) 1990, issued under the authority of the Treasurer, aims to update the specifications for the reverse side designs of various legal tender coins produced by the Commonwealth and the Royal Australian Mint. Enacted by the Parliament of Australia, this amendment responds to the need to clarify and formalise the design aspects of coins as outlined in Section 14(2)(b) of the Currency Act 1965. The policy objective is to ensure consistency and recognition in the design and legal tender status of coins issued by the Commonwealth, facilitating their use in commerce and collecting. This amendment specifically addresses the reverse side designs of the 1991 bullion platinum Koala coins, the 1991 bullion Kookaburra coin, and the 1990 Holey Dollar and Dump coin set, ensuring they meet the prescribed standards for weight, design, and dimensions.
Scope and Application
The Currency Regulations (Amendment) applies to the production and issuance of legal tender coins by authorised entities, specifically the Commonwealth through the Treasurer and the Royal Australian Mint, as well as Gold Corporation (GoldCorp), a statutory authority of the Western Australian Government. The legislation governs the standard weight, design, and dimensions of coins, ensuring they meet the specifications set forth under Section 14(2)(b) of the Currency Act 1965. The geographic reach of this Act is national, applying across Australia. The Act does not specify exclusions, exemptions, or thresholds, but its application may extend or be restricted through subordinate instruments such as regulations. The 1990 and 1991 coin issues, including platinum Koala coins, Holey Dollar and Dump coins, Kookaburra coins, and the 'Masterpieces in Silver' coin set, all fall under these regulations, with designs approved by the Treasurer or the Minister Assisting the Treasurer.
Key Provisions
The proposed amendments to Regulation 4 of the Currency Regulations (Section 14(2)(b) of the Currency Act 1965) pertain to the reverse side designs of various coins produced by the Commonwealth and Gold Corporation. Specifically, these regulations provide detailed specifications regarding the designs that must be featured on the reverse side of these coins to ensure they meet the legal tender requirements set forth in the Act. These coins include the 1990 proof and 1991 bullion platinum Koala coins, the 1990 Holey Dollar and Dump coin set, the 1991 bullion Kookaburra coin, and the Royal Australian Mint’s 1990 ‘Masterpieces in Silver’ coin set.
Under the Currency Act 1965, Gold Corporation, as a statutory authority of the Western Australian Government, has been authorised to produce these legal tender precious metal coins. Each coin must adhere to the prescribed standard weight, design, and dimensions as set out in the Currency Regulations. The reverse side designs of these coins have been meticulously approved by the Treasurer or the Minister Assisting the Treasurer, ensuring they reflect the approved themes and meet the legal requirements for tender status. For instance, the Koala coins feature different Koala designs, while the Holey Dollar and Dump coins depict Aboriginal ‘Dreamtime’ mythology themes.
The obligations imposed on Gold Corporation and the Royal Australian Mint include strict adherence to the approved designs and specifications outlined in the Currency Regulations. These entities must ensure that each coin produced meets the legal tender criteria, including the mandated reverse side designs. Additionally, the coins must feature the traditional effigy of Her Majesty Queen Elizabeth II on the obverse side, which is a consistent requirement across all Australian legal tender coinage.
Failure to comply with the Currency Regulations can result in significant legal consequences. Offences under the Currency Act 1965 may lead to both civil and criminal penalties. Specifically, individuals or entities found guilty of producing coins that do not meet the prescribed standards may face fines or imprisonment. The precise penalties can vary depending on the severity of the offence and the intent behind the violation. For example, producing counterfeit coins or knowingly issuing substandard coins could attract substantial penalties, reflecting the seriousness of undermining the integrity of the nation’s currency.