Currency (Royal Australian Mint) Amendment Determination 2007 (No. 1)

Overview

The Currency (Royal Australian Mint) Amendment Determination 2007 (No.1) amends the Currency (Royal Australian Mint) Determination 2006 (No.2) concerning the specifications for a series of one dollar coins featuring marine life. This amendment was introduced to address technical complications that arose with the original design of a coin in the series, specifically the one featuring three seahorses with ocean plants. The determination, made under subsection 13A(1) of the Currency Act 1965 by the Parliamentary Secretary to the Treasurer, replaces the problematic design with a corrected version that features a single seahorse in an ocean habitat, while maintaining all other characteristics of the coin. This amendment determination is a legislative instrument under the Legislative Instruments Act 2003 and became effective the day after it was registered. Although stakeholder consultation was part of the Mint’s annual collector coin program, no public consultation was conducted regarding the specific design changes due to the limited impact on business and competition.

Scope and Application

The Currency (Royal Australian Mint) Amendment Determination 2007 (No. 1) amends the specifications of a one dollar coin featuring a seahorse in an ocean habitat, originally set out in the Currency (Royal Australian Mint) Determination 2006 (No. 2). This amendment applies to the Royal Australian Mint in its role of minting Australian legal tender. The amendment specifically addresses technical complications in the original coin design by replacing the depiction of three seahorses with ocean plants with a design of a single seahorse in an ocean habitat, while maintaining all other characteristics of the coin. This determination is made under the authority of subsection 13A(1) of the Currency Act 1965 and comes into effect on the day after it is registered, as stipulated by section 42 of the Legislative Instruments Act 2003. The amendment pertains solely to the design correction of the coin, without extending to other coins or designs, and no public consultation was undertaken as the change does not materially impact business or competition.

Key Provisions

The main operative sections of the Currency (Royal Australian Mint) Amendment Determination 2007 (No.1) (the Amendment) pertain to the design specifications of a specific one dollar coin issued by the Royal Australian Mint. Under section 13A(1) of the Currency Act 1965, the Parliamentary Secretary to the Treasurer had previously made a determination (the Original Determination) regarding the specifications for six one dollar coins featuring creatures from Australia’s ocean habitat, including a coin with three seahorses and ocean plants on the reverse side (item 15 of Schedule 1). The Amendment substitutes the description of the design of item 15 to feature one seahorse in an ocean habitat, correcting a technical complication that arose during the minting process. All other characteristics of the coin remain unchanged. The Amendment imposes specific obligations on the Royal Australian Mint to redesign the reverse of the coin to comply with the new specifications. This includes ensuring that the obverse side of the coin continues to feature an effigy of Her Majesty Queen Elizabeth II, consistent with all Australian legal tender coinage. While stakeholder consultation was undertaken to ensure appropriate themes and designs were chosen for the coin program, no public consultation was required for the specific design change as it did not have a direct or substantially indirect effect on business or restrict competition. The Currency Act 1965 and the Legislative Instruments Act 2003 establish the framework within which these determinations operate. The Amendment is a legislative instrument for the purposes of section 42 of the Legislative Instruments Act 2003, and it commences on the day after it is registered. The Royal Australian Mint must ensure that the new design specifications are adhered to in the minting of the affected coin. Failure to comply with the specifications set out in the Amendment could result in legal consequences, although the Amendment does not explicitly outline specific offences, penalties, or consequences for non-compliance. The legal framework established by the Currency Act 1965 and the Legislative Instruments Act 2003 would apply to ensure that the minting process meets the legislative requirements.