Currency (Royal Australian Mint) Determination 2004 (No. 10)

Overview

The Currency (Royal Australian Mint) Determination 2004 (No. 10) was enacted to specify the characteristics of a particular coin under the Currency Act 1965. This Determination was made by ROSS CAMERON, the Parliamentary Secretary to the Treasurer, and it came into effect on the date of its notification in the Gazette. The primary aim of this Determination is to ensure that the specifications of the coin, including its denomination, composition, weight, dimensions, and design, adhere to the statutory requirements set forth by the Currency Act. This Determination ensures the coins issued meet specific standards, thereby maintaining the integrity and uniformity of the national currency. The Determination outlines that the specifications of the coin, as detailed in Schedule 1, do not alter any other determination regarding coin specifications. This approach allows for precise regulation and control over the characteristics of the coins minted by the Royal Australian Mint. By detailing these specifications, the Determination addresses the need for clear and consistent standards in the production of legal tender, ensuring that coins meet the necessary criteria for circulation and acceptance as valid currency.

Scope and Application

The Currency (Royal Australian Mint) Determination 2004 (No. 10) applies to the specifications of a $5 coin minted by the Royal Australian Mint, as authorised under subsection 13A(1) of the Currency Act 1965. This Determination, made by the Parliamentary Secretary to the Treasurer, outlines the precise details of the coin, including its denomination, composition, weight, dimensions, and design. It ensures that these coins meet specific standards for their issuance and circulation within Australia. The application of these specifications does not override any other determination of coin specifications, thereby preserving the integrity and consistency of the nation's currency. Geographically, the Determination operates within the Commonwealth of Australia, governing the specifications for coins issued by the Royal Australian Mint. It does not extend beyond the parameters set by the Currency Act 1965, and the specifications detailed in Schedule 1 are exclusive to the $5 coin unless otherwise specified in subsequent determinations. The Determination's scope is confined to the particulars of the coin’s physical attributes and design, without affecting broader legislative or economic policies.

Key Provisions

The Currency (Royal Australian Mint) Determination 2004 (No. 10) sets out the specifications for a new $5 coin, detailing its denomination, composition, weight, dimensions, and design. According to section 3 of the Determination, the $5 coin will have a standard composition of aluminium, zinc, bronze, and tin, with a standard weight of 20.00g, allowing for a variation of ± 0.50g. The coin’s dimensions are specified as a maximum diameter of 38.90mm and a maximum thickness of 2.65mm, with a circular shape and a fully milled edge. The coin’s design includes an obverse side featuring an effigy of Queen Elizabeth II, the monogram 'IRB', and the inscriptions 'ELIZABETH II', 'AUSTRALIA 2005', and '5 DOLLARS'. The reverse side features a representation of a tennis player on a stylised tennis court, a city skyline, and the inscription '1905 AUSTRALIAN OPEN 2005'. This Determination, which comes into effect from the date of its notification in the Gazette, specifies these details under section 13A(1) of the Currency Act 1965. This Determination imposes specific obligations on the Royal Australian Mint, requiring adherence to the detailed specifications outlined in Schedule 1. These specifications include the coin's denomination, composition, weight, dimensions, and design, all of which must be meticulously followed to ensure uniformity and compliance with the Currency Act 1965. The Royal Australian Mint must produce the $5 coin in accordance with these standards, ensuring that each coin meets the specified requirements for weight, dimensions, and design. This includes ensuring the coin's obverse and reverse designs are accurately represented, with the specified inscriptions and images. The Mint must also ensure that the coin’s composition and weight specifications are strictly adhered to, maintaining the coin’s standard weight and allowable variation. Breach of the specifications outlined in this Determination could lead to legal consequences. While the Determination does not explicitly outline specific offences or penalties, failure to comply with the Currency Act 1965 or the terms of this Determination could result in legal action. The Currency Act 1965 provides for various offences related to the production and circulation of currency, including the potential for criminal prosecution for counterfeiting or the production of substandard coins. Penalties for such offences can be severe, including substantial fines and imprisonment. The Determination’s specifications are integral to ensuring the integrity of the nation's currency, and non-compliance could lead to significant civil and criminal repercussions.