Currency (Royal Australian Mint) Determination 2002 (No. 1)

Overview

The Currency (Royal Australian Mint) Determination 2002 (No. 1) was made by Ian Gordon Campbell, the Parliamentary Secretary to the Treasurer, under subsection 13A(1) of the Currency Act 1965. This determination, which commenced upon gazettal on 14 February 2002, specifies the standard weight, allowable variations, dimensions, and designs for coins with particular denominations and standard compositions. The objective of this legislation is to provide detailed specifications for the minting of coins, ensuring uniformity and adherence to prescribed standards without affecting other coin specifications. This Determination ensures that coins meet specific criteria regarding their physical properties and designs, thereby maintaining the integrity and quality of Australia’s currency.

Scope and Application

The Currency (Royal Australian Mint) Determination 2002 (No. 1) applies to the specifications of coins produced by the Royal Australian Mint. The Determination specifies the standard composition, weight, dimensions, and design of coins with a denomination of one dollar, which must be composed of at least 99.9% silver with two inserts of not less than 99.99% gold. The Determination applies to coins produced and issued within the Commonwealth of Australia, and its provisions do not affect any other Determination of the specifications of a coin. The Determination is a legislative instrument made under the Currency Act 1965 and commenced on gazettal. The specifications outlined in the Determination are mandatory and must be adhered to by the Royal Australian Mint in the production of the specified coins. The Determination also includes an explanation of the symbols used in the design of the coins, including the obverse and reverse designs and the meaning behind the various elements featured. The Determination extends the application of the Currency Act 1965 by providing specific specifications for the production of coins within the Commonwealth of Australia.

Key Provisions

The Currency (Royal Australian Mint) Determination 2002 (No. 1) outlines the specifications for the minting of a particular coin, namely the one dollar coin. Under section 3, the Determination specifies the denomination, standard composition, standard weight, allowable variation, dimensions, and design for the coin. These specifications are detailed in Part 1 of Schedule 1, with columns 2 and 3 indicating the denomination and standard composition, and columns 4, 5, and 6 providing the standard weight, dimensions, and design details. In this instance, the coin is a one dollar coin made of at least 99.9% silver with two gold inserts, each of at least 99.99% purity. The Determination imposes obligations on the Royal Australian Mint and any other parties involved in the minting process to adhere strictly to the specifications outlined in Schedule 1. This includes the precise weight, dimensions, design, and composition of the coins. Such adherence ensures uniformity and adherence to the legal standards set forth by the Currency Act 1965. The specifications provided are mandatory, and any deviation from these standards could result in the coins not meeting the legal requirements for circulation. Breach of the specifications detailed in this Determination could potentially lead to legal consequences. Although the Determination itself does not explicitly state penalties for non-compliance, it operates under the overarching framework of the Currency Act 1965. Under this Act, penalties for minting coins that do not meet the required specifications can be severe, potentially including fines and other civil or criminal sanctions. The precise penalties would depend on the nature and extent of the breach, but the seriousness of adhering to minting specifications is underscored by the potential legal ramifications.