Currency (Royal Australian Mint) Determination 2002 (No. 5)

Overview

The Currency (Royal Australian Mint) Determination 2002 (No. 5) was enacted by Ian Gordon Campbell, Parliamentary Secretary to the Treasurer, under the authority of the Currency Act 1965. This Determination was introduced to address the need for precise specifications for certain Australian coins, ensuring consistency in the production of legal tender. The Determination provides detailed specifications for the weight, dimensions, and design of various denominations of coins, including the allowable variations in weight and the materials used in their composition. This regulatory framework aims to maintain the integrity and recognisability of Australian currency, thereby supporting the policy objective of ensuring the currency's reliability and effectiveness as a medium of exchange. The Determination came into effect on the date of its gazettal, thereby immediately applying to the production and circulation of the specified coins.

Scope and Application

The Currency (Royal Australian Mint) Determination 2002 (No. 5) applies to coins produced by the Royal Australian Mint, with specifications outlined for various denominations including $1, 50c, 20c, and $1 in silver. This Determination applies to the entities involved in minting and issuing these coins, ensuring they adhere to the specified standards of weight, dimensions, and design. The jurisdictional reach of this Determination is national, applying across Australia. This Determination affects any previous specifications of coins, establishing new standards for their physical attributes and designs. There are no stated exclusions or exemptions in this Determination, which applies comprehensively to all coins specified within its scope. The Determination is supported by subordinate instruments, which may further detail the implementation and compliance requirements.

Key Provisions

The Currency (Royal Australian Mint) Determination 2002 (No. 5) (the Determination) provides the specifications for various coins minted by the Royal Australian Mint. According to section 3 of the Determination, it specifies the standard weight, allowable variation, dimensions, and design of coins with certain denominations and standard compositions as listed in Part 1 of Schedule 1. This includes details such as the diameter, thickness, shape, edge, obverse, and reverse design of each coin. The Determination also clarifies that references to a coin’s diameter apply to the distance between two parallel faces of the coin’s edge if it is not circular (section 3(2)). The Determination takes effect upon gazettal, as stated in section 2. The Determination imposes specific obligations on the Royal Australian Mint and any other entity involved in the minting of the specified coins. It mandates that these entities adhere to the specifications outlined in the Determination, including the standard weight, allowable variation, dimensions, and design of each coin (section 3). Failure to comply with these specifications may result in non-compliance with legal standards for currency. Breaches of the Determination could lead to civil or criminal consequences, although the Determination itself does not specify particular penalties. However, the Currency Act 1965, under which this Determination is made, may provide for penalties. The Currency Act includes provisions for offences such as counterfeiting currency, which can incur substantial fines and imprisonment. For instance, under section 118 of the Currency Act, the maximum penalty for counterfeiting or forging notes or coins can be up to 20 years imprisonment, reflecting the seriousness of non-compliance with currency specifications.