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: - An outer ring including the inscriptions ‘PILLAR DOLLAR’ and ‘ONE DOLLAR’;
- A centre section consisting of a representation of the reverse design of an 18th century Spanish silver dollar including (1) a representation of two pillars (representing the Pillars of Hercules); (2) a representation of two interlocking globes of the world that symbolise the old and new worlds; and (3) a year denoting a year in which the 18th century Spanish silver dollar was made or issued.
| Silver (99.9%) |
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.
Overview
The Currency Determination (Royal Australian Mint) 2006 (1) was enacted to address the need for detailed specifications for coins proposed to be issued by the Royal Australian Mint, in line with the requirements set out in sub-sections 13(2) and 13A(1) of the Currency Act 1965. This determination was made by the Parliamentary Secretary to the Treasurer and specifies the characteristics of the coins, including their composition, weight, design, and dimensions. The determination is a disallowable instrument under Section 42 of the Legislative Instruments Act 2003, and it became effective the day after it was registered. The 2006 Subscription Coin, known as "The Pillar Dollar," is the coin detailed in this determination. Its design and composition reflect historical elements, including an 18th century Spanish silver dollar, and it is composed of 99.9% silver. The process involved stakeholder consultation but did not include public consultation for the coin specifications as they were deemed not to have a significant impact on business or competition.
Scope and Application
The Currency Determination (Royal Australian Mint) 2006 applies to the specification of coins issued by the Royal Australian Mint, particularly focusing on the '2006 Subscription Coin – ‘The Pillar Dollar'. This determination is made under the authority of sub-sections 13(2) and 13A(1) of the Currency Act 1965, which mandates the detailed characteristics of coins, including composition, weight, design, and dimensions. This legislation ensures that the coins meet the legal requirements for circulation within Australia, though it specifically notes that no public consultation was conducted for the coin specifications due to their limited impact on business and competition. The determination is applicable nationwide, aligning with the overarching provisions of the Currency Act 1965. The Currency Determination (Royal Australian Mint) 2006 can be subject to disallowance under section 42 of the Legislative Instruments Act 2003, and it becomes effective the day after registration.
Key Provisions
The Currency Determination (Royal Australian Mint) 2006 (1) under the Currency Act 1965, specifies the characteristics of a particular coin to be issued by the Royal Australian Mint. As per sections 13(2) and 13A(1) of the Act, this determination details the coin's standard composition, weight, allowable variation from standard weight, design, and dimensions. For instance, the 'Pillar Dollar' coin, a $1 2006 Subscription Coin, has an obverse design featuring an effigy of Queen Elizabeth II, a Spanish Coat of Arms, and inscriptions such as “Elizabeth II” and “Australia 2006”. The reverse design includes elements representing the Pillars of Hercules and interlocking globes symbolising the old and new worlds. The coin's standard composition is silver (99.9%).
The obligations under this determination involve ensuring that the Royal Australian Mint adheres to the specified coin characteristics. This includes maintaining the standard composition, weight, and design as outlined in the determination. Any deviation from these specifications could potentially render the coins non-compliant with legal standards. Furthermore, the determination stipulates that the coins are part of the Mint's annual collector coin program, and while stakeholder consultation was undertaken for the themes and designs, no public consultation was required for the specifications themselves as they do not impact business or restrict competition.
In terms of potential consequences for non-compliance, section 13(6) and 13A(4) of the Currency Act 1965 states that a determination made by the Treasurer is a disallowable instrument under section 42 of the Legislative Instruments Act 2003. This means that if the Royal Australian Mint issues coins that do not meet the specified characteristics, these coins could be deemed invalid. While the specific penalties for such non-compliance are not detailed in the provided text, the legal framework suggests that there could be civil or administrative consequences for failing to adhere to the prescribed specifications.