Currency (Royal Australian Mint) Determination 2000 (No. 1)

Overview

The Currency (Royal Australian Mint) Determination 2000 (No. 1) was made under subsection 13A(1) of the Currency Act 1965 by Joe Hockey, the Minister for Financial Services and Regulation. This legislation was enacted to provide specific details regarding the design, composition, and specifications of certain coins produced by the Royal Australian Mint. The Currency Act 1965, enacted by the Australian Parliament, governs the production and circulation of Australian currency, and this determination fills a specific need to detail the specifications of commemorative coins. The policy objective of the Currency Act 1965 is to regulate the currency to ensure it serves as a reliable medium of exchange and store of value in Australia. This determination ensures that the coins meet the required standards for weight, dimensions, and design, particularly for commemorative purposes such as the Sydney 2000 Games.

Scope and Application

The Currency (Royal Australian Mint) Determination 2000 (No. 1) applies to the specifications of a particular coin issued by the Royal Australian Mint. This Determination is made under the Currency Act 1965 and specifies the standard weight, allowable variation, dimensions, and design of a coin with a denomination and standard composition outlined in Schedule 1 of the Determination. The coin in question, a one-dollar coin weighing one kilogram and made of not less than 99.9% silver, features specific design elements on both its obverse and reverse sides, including the effigy of Queen Elizabeth II, inscriptions, and depictions of Olympic sports and flames. The Determination does not affect any other Determination of the specifications of a coin and applies to the Commonwealth of Australia. The Determination is effective from the date of its gazettal and may be subject to modification or extension through subordinate instruments under the Currency Act 1965.

Key Provisions

The Currency (Royal Australian Mint) Determination 2000 (No. 1) under the Currency Act 1965 sets forth the specifications for a particular coin with a denomination and standard composition. It specifies the standard weight, allowable variation from that weight, dimensions, and design of the coin (section 3). This Determination specifies a 1-kilogram silver coin, which is not less than 99.9% silver in composition (Schedule 1, Part 1, Item 1, Column 3). The coin must weigh 100 grams with a permissible variation of ±1.50 grams (Schedule 1, Part 1, Item 1, Column 5). The coin’s diameter must be 101.00 millimetres, and its thickness 14.60 millimetres (Schedule 1, Part 1, Item 1, Columns 4 and 5). The coin’s design features include a circular shape with a plain edge inscribed with specific text and images, an obverse side bearing an effigy of Queen Elizabeth II, inscriptions, and the coin’s denomination, and a reverse side depicting athletes and the Sydney 2000 Olympic logo (Schedule 1, Part 2, Items 201 to 204). The obligations imposed by this Determination primarily fall on the Royal Australian Mint, which must manufacture the specified coin according to the detailed specifications outlined in Schedule 1. This includes ensuring the coin meets the prescribed weight, dimensions, and design features as per the Determination. The Royal Australian Mint must also adhere to the allowable variations in weight to ensure consistency and quality in the production of the coins. Failure to comply with the specifications set out in the Currency (Royal Australian Mint) Determination 2000 (No. 1) could result in legal consequences. Although the Determination does not explicitly outline offences, penalties, or civil/criminal consequences for non-compliance, breaches of the Currency Act 1965 or its regulations could lead to legal action. Such actions may include fines or other penalties as prescribed by the relevant legislation. The specific penalties would depend on the nature and extent of the breach and could be determined by the courts in accordance with the broader legal framework provided by the Currency Act 1965.