Explanatory Statement
Currency Act 1965
Currency Determination (Royal Australian Mint) 2006 (1)
Sub-sections 13(2) and 13A(1) of the Currency Act 1965 the Parliamentary Secretary to the Treasurer has made a determination regarding the specification of coins proposed to be issued by the Royal Australian Mint.
Sub-sections 13(2) and 13A (1) of the Currency Act 1965 require that the determination provides details of coin characteristics including standard composition, standard weight, allowable variation from standard weight, design and dimensions.
Sub-sections (13) (6) and 13A (4) of the Currency Act 1965 provides that a determination made by the Treasurer is a disallowable instrument for the purposes of Section 42 of the Legislative Instruments Act 2003.
The Determination commences the day after it is registered.
The Currency Determination (Royal Australian Mint) 2006 (1) provides for one coin as listed below:
- 2006 Subscription Coin – ‘The Pillar Dollar’.
The specifications are summarised below:
Denomination | Brief Design | Standard Composition |
$1
|
Item 1: $1 2006 Subscription Coin – ‘The Pillar Dollar’.
Obverse design: An outer ring consisting of an effigy of Queen Elizabeth II and the monogram ‘IRB’ and the inscriptions “Elizabeth II’ and ‘Australia 2006’ and a centre ring consisting of a representation of the obverse design of an 18th Century Spanish silver dollar including: (1) an 18th century Spanish Coat of Arms; and (2) the inscriptions ‘MM’ and ‘8’ and (3) the inscription ‘FERDND.VI.DG.HISPAN.ET. IND.REX’.
Reverse design:
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Silver (99.9%)
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Public Consultation
The coins covered in the determination are part of the Mint’s annual collector coin program and stakeholder consultation was undertaken to ensure appropriate themes and designs were chosen for this program. However, no public consultation was undertaken in respect of the actual specifications of these coins as they do not have a direct, or a substantially indirect, effect on business, no do they restrict competition.