Explanatory Statement
Currency Act 1965
Currency (Royal Australian Mint) Amendment Determination 2013 (No. 3)
Section 14(2) of the Currency Act 1965 provides that a coin to be made and issued by the Treasurer shall be of a standard composition specified, or taken to be specified, in the schedule in relation to that coin and shall be of the standard weight, design and dimensions as prescribed (by regulation) in relation to that coin. The Currency Regulations contain the schedule which prescribes the composition, weight, dimension and remedy of coins. The Currency (Royal Australian Mint) Amendment Determination 2013 (No. 3) amends the schedule to the Currency Regulations to prescribe the composition, weight, dimensions and remedy of certain circulating, uncirculated and proof condition coins.
Under subsection 13A(1) of the Currency Act 1965, the then Assistant Treasurer, Nick Sherry made a determination in July 2009 regarding the specifications of coins proposed to be issued by the Royal Australian Mint. The determination is the Currency (Royal Australian Mint) Determination 2009 (No. 5).
Also under subsection 13A(1) of the Currency Act 1965, the then Assistant Treasurer, Bill Shorten made a determination in August 2011 regarding the specifications of coins proposed to be issued by the Royal Australian Mint. The determination is the Currency (Royal Australian Mint) Determination 2011 (No. 3).
Subsection 13A (1) of the Currency Act 1965 requires that the determination provides details of the coins’ characteristics, including standard composition, standard weight, allowable variation from standard weight, design and dimensions.
This amendment determination is a disallowable instrument for the purposes of section 42 of the Legislative Instruments Act 2003.
Item 1 | Amendment to item 26 of the schedule to Currency Regulations
Item 1 repeals item 26 of the schedule to the Currency Regulations, substituting three categories of $2 copper, aluminium and nickel coin, a $2 silver and a $2 gold coin.
The weight, diameter, thickness and remedy for the $2 copper, aluminium and nickel coins has been corrected to reflect the actual coin specifications achieved by the different manufacturing process used in the production of circulating, uncirculated and proof condition coins.
The weight, diameter, thickness and remedy for $2 coins that are no less than 99.9% silver and $2 coins that are no less than 99.9% gold has been corrected to reflect the actual coin specifications achieved by the manufacturing process.
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Item 2
| Amendment to item 28 of the schedule to Currency Regulations
Item 2 repeals item 28 of the schedule to the Currency Regulations, substituting three categories of $1 copper, aluminium and nickel coin, a $1 silver and a $1 gold coin.
The weight, diameter, thickness and remedy for the $1 copper, aluminium and nickel coins has been corrected to reflect the actual coin specifications achieved by the different manufacturing process used in the production of circulating, uncirculated and proof condition coins.
The weight, diameter, thickness and remedy for $1 coins that are no less than 99.9% silver and $1 coins that are no less than 99.9% gold has been corrected to reflect the actual coin specifications achieved by the manufacturing process.
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Item 3 | Amendment to item 31 of the schedule to Currency Regulations
Item 3 repeals item 31 of the schedule to the Currency Regulations, substituting three categories of 50c copper and nickel coin, a 50c silver and a 50c gold coin.
The weight, diameter, thickness and remedy for the 50c copper and nickel coins has been corrected to reflect the actual coin specifications achieved by the different manufacturing process used in the production of circulating, uncirculated and proof condition coins.
The weight, diameter, thickness and remedy for 50c coins that are no less than 99.9% silver and 50c coins that are no less than 99.9% gold has been corrected to reflect the actual coin specifications achieved by the manufacturing process.
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Item 4 | Amendment to item 34 of the schedule to Currency Regulations
Item 4 repeals item 34 of the schedule to the Currency Regulations, substituting three categories of 20c copper and nickel coin, a 20c silver and a 20c gold coin.
The weight, diameter, thickness and remedy for the 20c copper and nickel coins has been corrected to reflect the actual coin specifications achieved by the different manufacturing process used in the production of circulating, uncirculated and proof condition coins.
The weight, diameter, thickness and remedy for 20c coins that are no less than 99.9% silver and 20c coins that are no less than 99.9% gold has been corrected to reflect the actual coin specifications achieved by the manufacturing process.
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Item 5 | Amendment to item 35 of the schedule to Currency Regulations
Item 5 repeals item 35 of the schedule to the Currency Regulations, substituting three categories of 10c copper and nickel coin, a 10c silver and a 10c gold coin.
The weight, diameter, thickness and remedy for the 10c copper and nickel coins has been corrected to reflect the actual coin specifications achieved by the different manufacturing process used in the production of circulating, uncirculated and proof condition coins.
The weight, diameter, thickness and remedy for 10c coins that are no less than 99.9% silver and 10c coins that are no less than 99.9% gold has been corrected to reflect the actual coin specifications achieved by the manufacturing process.
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Item 6 | Amendment to item 36 of the schedule to Currency Regulations
Item 6 repeals item 36 of the schedule to the Currency Regulations, substituting three categories of 5c copper and nickel coin, a 5c silver and a 5c gold coin.
The weight, diameter, thickness and remedy for the 5c copper and nickel coins has been corrected to reflect the actual coin specifications achieved by the different manufacturing process used in the production of circulating, uncirculated and proof condition coins.
The weight, diameter, thickness and remedy for 5c coins that are no less than 99.9% silver and 5c coins that are no less than 99.9% gold has been corrected to reflect the actual coin specifications achieved by the manufacturing process.
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Item 7 | Amendment after item 37A of the schedule to Currency Regulations
Item 7 inserts items 37B and 37C in the schedule to the Currency Regulations. The weight, diameter, thickness and remedy for 2c coins that are no less than 99.9% silver and 2c coins that are no less than 99.9% gold has been corrected to reflect the actual coin specifications achieved by the manufacturing process.
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Item 8 | Amendment at the end of the schedule to Currency Regulations
Item 8 inserts items 39 and 40 in the schedule to the Currency Regulations. The weight, diameter, thickness and remedy for 1c coins that are no less than 99.9% silver and 1c coins that are no less than 99.9% gold has been corrected to reflect the actual coin specifications achieved by the manufacturing process.
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Item 9 | Amendment of Currency (Royal Australian Mint) Determination 2009 (No. 5) Item 9 repeals paragraph (b) of the obverse design in item 1 of Schedule 1 Currency (Royal Australian Mint) Determination 2009 (No. 5) and substitutes “‘AUSTRALIA’; and the inscription, in numerals, of a year” to allow for release of the same coin design in years subsequent to 2010.
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Item 10 | Amendment of Currency (Royal Australian Mint) Determination 2011 (No. 3)
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Commencement
This determination commences on the day after it is registered.
The proposed amendments do not contravene subsection 12 (2) of the Legislative Instruments Act 2003 by having either of the following effects:
(a) affecting the rights of a person (other than the Commonwealth or an authority of the Commonwealth) as at the date of registration so as to disadvantage that person; or
(b) imposing liabilities on a person (other than the Commonwealth or an authority of the Commonwealth) in respect of anything done or omitted to be done before the date of registration.
Consultation
No public consultation was undertaken in relation to the currency determination. The effect of this instrument is to determine the weight, design and dimension of coins to enable the Royal Australian Mint to continue its production of circulating and numismatic coins. The Mint receives public submissions on coin designs and determines appropriate designs in accordance with its Coin Design Policy. The Mint used market based tools to identify interested parties and gauge interest in coin themes.
Statement of Compatibility with Human Rights
This instrument is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011. The purpose of the Currency (Royal Australian Mint) Amendment Determination 2013 (No. 3) is to determine the weight, design and dimension of circulating, uncirculating, proof and numismatic coins. This instrument does not engage any of the applicable rights or freedoms. This instrument is compatible with human rights as it does not raise any human rights issues. This determination has been made by the Parliamentary Secretary to the Treasurer, Bernie Ripoll, in accordance with subsection 13A (1) of the Currency Act 1965.