Explanatory Statement
Currency Act 1965
Currency (Royal Australian Mint) Amendment Determination 2007 (No.1)
Under subsection 13A (1) of the Currency Act 1965 the Parliamentary Secretary to the Treasurer made a determination on 15 June 2006 regarding the specifications for six one dollar coins featuring creatures from Australia’s ocean habitat to be issued by the Royal Australian Mint. The determination was Currency (Royal Australian Mint) Determination 2006 (No.2).
Due to technical complications, the Royal Australian Mint has redesigned the reverse of Item15 of Schedule 1 in that Currency Determination which consisted of three seahorses with ocean plants.
Currency (Royal Australian Mint) Amendment Determination 2007 (No. 1) substitutes the description of the new design, which features one seahorse in an ocean habitat including plants, for the original seahorse design set out in Currency (Royal Australian Mint) Determination 2006 (No.2). All other characteristics of the coin remain unchanged.
This amendment determination only corrects the design on the reverse of the coin contained at item 15.
This amendment determination is a legislative instrument for section 42 of the Legislative Instruments Act 2003 and commences on the day after it is registered.
Obverse
Consistent with all Australian legal tender coinage, an effigy of Her Majesty Queen Elizabeth II will appear on the obverse side of the coin.
Public Consultation
The coin covered in this Amendment Determination is part of the Mint’s annual collector coin program and stakeholder consultation was undertaken to ensure appropriate themes and designs were chosen for this program. However, no public consultation was undertaken in respect of the actual specification or the changed design of this coin as it does not have a direct, or a substantially indirect, effect on business, nor does it restrict competition.