Currency (Royal Australian Mint) Determination 2004 (No. 2)

Overview

The Currency (Royal Australian Mint) Determination 2004 (No. 2), made by the Parliamentary Secretary to the Treasurer, Ross Cameron, under the Currency Act 1965, sets out the specifications for particular coins minted by the Royal Australian Mint. This determination was introduced to provide detailed specifications for the design and composition of specific commemorative coins. These coins include the $5 coins commemorating the Olympic Games from 2000 to 2004 and the $50 coin commemorating the same period. The determination ensures that the coins meet certain standards in terms of weight, composition, dimensions, and design. It applies the specifications outlined in Schedule 1 without affecting any other determinations of coin specifications. The policy objective is to ensure that commemorative coins meet high standards of quality and design, preserving the integrity and recognisability of Australia's currency.

Scope and Application

The Currency (Royal Australian Mint) Determination 2004 (No. 2) outlines the specifications for certain coins produced by the Royal Australian Mint, made under the authority of the Currency Act 1965. This Determination applies to the coins listed in Schedule 1, which includes the denomination, standard composition, weight, dimensions, and design specifications for each coin. The specifications outlined do not affect any other determinations of coin specifications. The Determination applies nationally and is relevant to the Royal Australian Mint, which is responsible for the production of these coins. There are no stated exclusions or exemptions in the Determination itself, although it is subject to any overarching provisions of the Currency Act 1965. The application of the Determination can be extended or further specified through subordinate instruments issued under the authority of the Currency Act 1965.

Key Provisions

The Currency (Royal Australian Mint) Determination 2004 (No. 2) sets forth the specifications for certain coins to be minted by the Royal Australian Mint. Under section 3 of the Determination, three specific coins are detailed: a $5 coin, a $5 coin made of at least 99% silver, and a $50 coin. Each coin's specification includes its denomination, standard composition, standard weight and allowable variation, maximum dimensions, and design features. For example, the $5 coin is made from copper, zinc, aluminium, and tin, weighs 20.00g with an allowable variation of ± 0.50g, and features an obverse design with an effigy of Queen Elizabeth II and the reverse design depicting a man throwing a javelin and a man throwing a spear, among other elements. The Determination also imposes obligations on the Royal Australian Mint and any entities involved in the production of these coins. The Mint must ensure that the coins meet the specifications outlined in Schedule 1, such as the correct composition, weight, dimensions, and design. This includes rigorous quality control processes to verify that each coin adheres to the prescribed standards. The entities responsible for minting these coins must comply with the detailed requirements set forth in the Determination to maintain the integrity and value of the currency. Failure to comply with the specifications and obligations outlined in the Determination can result in legal consequences. While the Determination itself does not explicitly detail penalties, breaches of the Currency Act 1965, under which this Determination is made, can lead to significant civil and criminal penalties. For example, under section 13 of the Currency Act, counterfeiting or knowingly circulating non-compliant currency can result in substantial fines and imprisonment. The penalties for such offences can include fines of up to $126,000 and imprisonment for up to 10 years, reflecting the seriousness with which the law regards the integrity of the nation's currency.