Currency (Royal Australian Mint) Determination 2000 (No. 2)

Overview

The Currency (Royal Australian Mint) Determination 2000 (No. 2) was enacted under the Currency Act 1965 by Joe Hockey, the Minister for Financial Services and Regulation. The determination addresses the need to specify the standard weight, allowable variations, dimensions, and design of certain coins to be minted by the Royal Australian Mint. The determination sets out detailed specifications for the coins' composition, weight, dimensions, and design elements, ensuring consistency and quality in Australia's currency. The objective of this legislation is to provide precise guidelines for the minting of coins, ensuring they meet the required standards for circulation and legal tender. This determination plays a crucial role in maintaining the integrity of Australia's currency system.

Scope and Application

The Currency (Royal Australian Mint) Determination 2000 (No. 2) applies to the specifications of coins produced by the Royal Australian Mint, as determined under section 13A of the Currency Act 1965. This determination outlines the standard weight, allowable variations, dimensions, and design specifications for particular coins, ensuring consistency and compliance with legal standards. It does not alter other determinations regarding coin specifications and is applicable to any person or entity involved in the minting or circulation of these coins within Australia. The Determination also includes amendments to the Currency Determination 1999 (No. 5), adjusting specific coin specifications and their descriptions. This legislative instrument has a national jurisdictional reach, applying across all states and territories of Australia. There are no stated exclusions or exemptions within the text of this Determination, though its application may be subject to further regulation through subordinate instruments or amendments.

Key Provisions

The Currency (Royal Australian Mint) Determination 2000 (No. 2) (the Determination) sets out the specifications for certain coins, including their denomination, standard composition, standard weight, allowable variation from that weight, dimensions, and design (section 3). This includes coins such as the 10 cent coin, which must be made of not less than 99.9% silver, weigh 18.24 grams with a variation of ± 0.400 grams, have a diameter of 31.65 mm, and a thickness of 2.80 mm, with a specified design for the obverse and reverse (Schedule 1, Part 1, item 1). The Determination also explains the symbols used in the design of the coins (Schedule 1, Part 2). The Determination imposes specific requirements on the Royal Australian Mint and any other entity involved in the production of the coins specified within the Determination. The Mint must adhere to the specifications outlined in the Determination, ensuring that the coins meet the standards for weight, composition, dimensions, and design (section 3). This includes the obligation to use the prescribed design elements for the obverse and reverse of the coins, such as the effigy of Queen Elizabeth II on the 10 cent coin (Schedule 1, Part 2, item 203). The Determination does not explicitly state any offences, penalties, or consequences for breach. However, failure to comply with the specifications set out in the Determination could potentially result in the coins not being accepted as legal tender, or other regulatory consequences under the Currency Act 1965. The Currency Act itself provides for offences and penalties related to the counterfeiting of currency and other related matters, but these are not specific to the Determination (section 13A).