Currency (Royal Australian Mint) Determination 2004 (No. 9)

Overview

The Currency (Royal Australian Mint) Determination 2004 (No. 9) was enacted in 2004 under the authority of the Currency Act 1965. This legislative instrument was created by the Parliamentary Secretary to the Treasurer, Ross Cameron, to address the need for specific specifications for certain gold coins produced by the Royal Australian Mint. The objective of this Determination is to ensure that the coins produced meet the prescribed standards in terms of their denomination, composition, weight, dimensions, and design, thereby maintaining the integrity and quality of the currency. The Determination applies to the coins listed in Schedule 1 and does not affect any other determination of coin specifications.

Scope and Application

The Currency (Royal Australian Mint) Determination 2004 (No. 9) applies to the specifications of certain coins minted by the Royal Australian Mint, as specified in the accompanying Schedule 1. The coins affected by this Determination include $150 and $200 gold coins, and their specifications include the denomination, standard composition, weight, dimensions, and design of each coin. This Determination is made under subsection 13A(1) of the Currency Act 1965 and is applicable from the date of its notification in the Gazette. Notably, the Determination does not affect any other determination of the specifications of a coin, thus maintaining a distinct scope concerning the coins detailed within its Schedule 1.

Key Provisions

The Currency (Royal Australian Mint) Determination 2004 (No. 9) sets out the specifications for certain gold coins issued by the Royal Australian Mint. Under section 3 of the Determination, the coin specifications include the denomination, standard composition, weight, dimensions, and design of each coin. For example, the $150 coin must be composed of at least 99.99% gold, weigh 10.368g with an allowable variation of ± 0.100g, have a maximum diameter of 25.10mm, and a maximum thickness of 1.50mm. The coins must also have a specific design on both the obverse and reverse sides, as detailed in the Determination. The Determination imposes several obligations on the Royal Australian Mint in producing these coins. The Mint must ensure that each coin meets the specified denomination, composition, weight, dimensions, and design requirements outlined in Schedule 1 of the Determination. This includes adhering to the allowable variations in weight and ensuring that the coins are circular with continuously milled edges. Additionally, the Mint must ensure that the coin designs are as specified, featuring the appropriate effigy, inscriptions, and reverse design. Breaches of the requirements set out in the Determination could lead to legal consequences. Under the Currency Act 1965, the Minister may cancel a licence granted under the Act if the licensee fails to comply with the terms of the licence or the Act. This could result in the cessation of the Mint’s authority to produce the specified coins. Further, any coins produced that do not meet the specifications outlined in the Determination could be considered illegal tender, and persons found to be in possession of such coins with intent to use them as legal tender could face penalties. The specific penalties for such offences would be determined under relevant state or territory laws concerning currency and counterfeiting.