Currency (Royal Australian Mint) Determination 2001 (No. 4)

Overview

The Currency (Royal Australian Mint) Determination 2001 (No. 4), enacted under the authority of the Currency Act 1965, was introduced to provide specific details about the specifications of various coins in circulation. This legislative instrument was made by Joe Hockey, the Minister for Financial Services and Regulation, and it commenced upon gazettal. The primary objective of this determination is to detail the weight, composition, dimensions, and design specifications of certain coins, ensuring consistency and adherence to legal standards across the currency produced by the Royal Australian Mint. It sets out these specifications in a structured manner without affecting any other determinations regarding coin specifications. The Currency (Royal Australian Mint) Determination 2001 (No. 4) provides detailed specifications for various coins, including their weight, composition, dimensions, and design features. This legislation ensures that all coins minted meet the required standards and specifications, thereby maintaining the integrity and uniformity of the Australian currency. The determination is comprehensive, detailing everything from the weight and allowable variations to the design elements on both the obverse and reverse sides of the coins.

Scope and Application

The Currency (Royal Australian Mint) Determination 2001 (No. 4) specifies the physical characteristics of certain coins, including their weight, dimensions, and design, as mandated under the Currency Act 1965. This Determination applies to coins with specific denominations and compositions as outlined in the attached Schedule, detailing the allowable variations in weight, diameter, thickness, shape, edge, and design features. The coin specifications pertain to a range of denominations from 10 cents to 100 dollars, made from various metals such as copper, aluminium, nickel, silver, and gold. This Determination is applicable nationwide within Australia and does not override any previous specifications for coins as stated in section 4. The scope of this Determination is further defined by the Schedule, which includes two parts: Part 1 provides detailed specifications for each coin, while Part 2 explains the symbols used to describe the coin features. This legislation is instrumental in maintaining the integrity and uniformity of Australian currency across the Commonwealth.

Key Provisions

The Currency (Royal Australian Mint) Determination 2001 (No. 4) outlines the specifications for various coins minted by the Royal Australian Mint under the Currency Act 1965. Specifically, section 3 of the Determination specifies the standard weight, allowable variation, dimensions, and design of coins, referencing columns 4, 5, and 6 of Part 1 of Schedule 1. The coin specifications include details such as the denomination, standard composition, standard weight and allowable variation, diameter, thickness, shape, edge, obverse, and reverse designs. For example, a $1 coin made of copper, aluminium, and nickel must weigh 9.00 ± 0.28 grams and have a diameter of 25.1 mm and thickness of 2.8 mm (see Schedule 1, Item 101). The Determination imposes obligations on the Royal Australian Mint to ensure that coins minted comply with the specified standards. This includes adherence to the standard weight and allowable variation, dimensions, and design as outlined in the Schedule. The Determination also ensures that the design elements, such as the obverse and reverse images, are consistent with the specified symbols and inscriptions (see Schedule 1, Part 2). Breaches of this Determination could lead to legal consequences, although the specific offences, penalties, or consequences are not detailed within the text of the Determination itself. Typically, non-compliance with currency specifications could lead to criminal charges under the Currency Act 1965, which may include fines or imprisonment. The precise penalties would be determined by the courts based on the nature and severity of the breach. The Currency Act 1965 provides for penalties such as fines up to $12,600 for individuals and $63,000 for bodies corporate, along with potential imprisonment terms, depending on the specific breach and jurisdiction.