Explanatory Statement
Currency Act 1965
Currency Determination (Royal Australian Mint) 2005 (1) Amendment
Sub-sections 13(6) and 13A(4) of the Currency Act 1965 provided that a determination made by the Treasurer is a disallowable instrument for the purposes of Section 46A of the Acts Interpretation Act 1901 and so is subject to the same Parliamentary scrutiny that applies at present to the regulations making new coins.
Sub-sections 13(2)(a) and 13A (1) of the Currency Act 1965 also provide for the determination of coin characteristics ie standard composition, standard weight, allowable variation from standard weight, design and dimensions.
The Currency Determination (Royal Australian Mint) 2005 (1) Amendment provides for two coins:
- Queen’s Baton Relay Coin, a silver proof coin;
- Student Design coin, a copper and nickel coin.
The specifications are summarised below:
Queen’s Baton Relay Coin: Silver Proof:
A design to commemorate the Melbourne 2006 Commonwealth Games . The image for the Silver coin features a representation of 18 Queen’s Relay Batons progressively increasing in size and a representation of the Melbourne 2006 Commonwealth Games logo; a Crown and the Prince’s Bridge, Melbourne with the inscriptions ‘Queen’s Baton Relay’; ‘XVIII COMMONWEALTH GAMES’; ‘5 Dollars’; and ‘Melbourne 2006’. The obverse will be an effigy of Queen Elizabeth II and the monogram ‘IRB’ surrounded by the inscriptions ‘ELIZABETH II’ and ‘AUSTRALIA 2006’.
Student Design 2005: Copper and Nickel
This coin has a design to commemorate the Melbourne 2006 Commonwealth Games as part of the Commonwealth Games program. The image for the copper and nickel coin features a design consisting of: a man running, an emu, a man jumping, a frog and a branch, a kangaroo, a man jumping, a platypus, a man swimming, a stork with outstretched wings, a rhythmic gymnast holding a ribbon and the inscriptions: ‘MELBOURNE 2006’ ‘XVIII COMMONWEALTH GAMES’ ‘50’ and ‘KJ”. The obverse will be an effigy of Queen Elizabeth II and the monogram ‘IRB’ surrounded by the inscriptions ‘ELIZABETH II’ and ‘AUSTRALIA 2005’.
Overview
The Currency Determination (Royal Australian Mint) 2005 (1) Amendment is an amendment to the Currency Act 1965, enacted to address the specification and issuance of commemorative coins by the Royal Australian Mint. This amendment was introduced by the Parliament of Australia to allow for the issuance of two distinct coins: a silver proof coin commemorating the Melbourne 2006 Commonwealth Games, and a copper and nickel coin also celebrating the Games. The policy objective behind this amendment was to facilitate the creation of commemorative currency that not only serves as a legal tender but also honours significant national events. This amendment ensures that the specifications of these commemorative coins, including their design, material, and inscriptions, adhere to the regulatory framework established under the Currency Act, subject to the same parliamentary scrutiny as other monetary regulations.
Scope and Application
The Currency Determination (Royal Australian Mint) 2005 (1) Amendment pertains to the specifications and characteristics of two commemorative coins to be issued by the Royal Australian Mint. This amendment applies to the entities and individuals involved in the production and distribution of these coins within Australia, ensuring that the coins meet the standards outlined in the Currency Act 1965. Specifically, it applies to the Treasurer, who has the authority to make determinations regarding coin characteristics such as composition, weight, design, and dimensions, and the Royal Australian Mint, which is responsible for the minting process. The amendment extends the application of these coins to the broader public, who will be able to purchase and use them as legal tender. Geographically, the legislation applies nationally across Australia, aligning with the jurisdictional reach of the Currency Act 1965. There are no exclusions or exemptions specified within this particular amendment, though the overarching Act may contain provisions for such matters. The determination of coin characteristics can also be extended or further defined through subordinate instruments, ensuring flexibility and responsiveness to changing requirements.
Key Provisions
The Currency Determination (Royal Australian Mint) 2005 (1) Amendment is an important piece of legislation that amends the Currency Act 1965, focusing on the specifications and characteristics of two new coins. The primary operative sections of this amendment are sub-sections 13(6) and 13A(4), which detail the requirements for the determination of coins and their characteristics (Currency Act 1965, ss 13(6), 13A(4)). These sections ensure that the new coins introduced under this amendment are subject to the same parliamentary scrutiny as other regulations. Additionally, sub-sections 13(2)(a) and 13A(1) outline the specific attributes of the coins, such as their composition, weight, design, and dimensions (Currency Act 1965, ss 13(2)(a), 13A(1)).
The Currency Determination (Royal Australian Mint) 2005 (1) Amendment imposes clear obligations on the Royal Australian Mint regarding the production of the two coins. It mandates that the Queen's Baton Relay Coin be a silver proof coin featuring a specific design that commemorates the Melbourne 2006 Commonwealth Games. This includes a representation of 18 Queen's Relay Batons, the Commonwealth Games logo, a Crown, the Prince's Bridge in Melbourne, and several inscriptions. The obverse side of the coin must bear an effigy of Queen Elizabeth II and the monogram 'IRB', surrounded by the inscriptions 'ELIZABETH II' and 'AUSTRALIA 2006'. Similarly, the Student Design 2005 coin, a copper and nickel coin, must also commemorate the Melbourne 2006 Commonwealth Games and feature a unique design with various elements like a man running, an emu, a kangaroo, and others, along with the appropriate inscriptions. The obverse of this coin must also bear an effigy of Queen Elizabeth II and the monogram 'IRB', surrounded by 'ELIZABETH II' and 'AUSTRALIA 2005'.
Failure to comply with the specifications and obligations outlined in the Currency Determination (Royal Australian Mint) 2005 (1) Amendment could result in significant consequences. While the specific offences, penalties, or civil/criminal consequences are not detailed in the provided text, it is understood that non-compliance with the Currency Act 1965 can lead to penalties under the relevant sections of the Act. Typically, penalties for breaching currency regulations can include fines and, in more severe cases, criminal charges. The exact penalties would be determined based on the specific nature and severity of the breach, and could be subject to the courts' discretion. Ensuring adherence to the Act is crucial to avoid these potential repercussions.