Explanatory Statement
Currency Act 1965
Currency Determination (Royal Australian Mint) 2006 (No. 2)
Amendment Determination 2006 (No. 1)
Under subsections 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
Subsections 13(2) and 13A (1) of the Currency Act 1965 require that the determination provide details of coin characteristics including standard composition, standard weight, allowable variation from standard weight, design and dimensions.
Subsections 13(6) and 13A (4) of the Currency Act 1965 provide 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 on the day after it is registered.
The Currency (Royal Australian Mint) Determination 2006 (No. 2) Amendment Determination 2006 (No. 1) states the following coins to be issued with the year 2006 on the obverse design.
Denomination | Brief Design | Standard Composition |
$5 $5 $5 | 2006 $5 Silver Proof- State Government series (Item 1 to Item 3) Victoria: Obverse design: An effigy of Queen Elizabeth II by Ian Rank-Broadley, ELIZABETH II , AUSTRALIA 2006 Reverse design: A series of Australian maps showing the development of state boundaries over time; and an outline map of Victoria enclosing repetitions of the word “ VICTORIA”; and the inscriptions: “ 150 YEARS OF STATE GOVERNMENT” and “ 5 DOLLARS”. New South Wales: Obverse design: An effigy of Queen Elizabeth II by Ian Rank-Broadley, ELIZABETH II , AUSTRALIA 2006 Reverse design: A series of Australian maps showing the development of state boundaries over time; and an outline map of New South Wales enclosing repetitions of the word “ NEW SOUTH WALES”; and the inscriptions: “ 150 YEARS OF STATE GOVERNMENT” and “ 5 DOLLARS”. Tasmania: Obverse design: An effigy of Queen Elizabeth II by Ian Rank-Broadley, ELIZABETH II , AUSTRALIA 2006 Reverse design: A series of Australian maps showing the development of state boundaries over time; and an outline map of Tasmania enclosing repetitions of the word “ TASMANIA”; and the inscriptions: “ 150 YEARS OF STATE GOVERNMENT” and “ 5 DOLLARS”. | Silver (99.9%) Silver (99.9%) 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, nor do they restrict competition.
Overview
The Currency Determination (Royal Australian Mint) 2006 (No. 2) Amendment Determination 2006 (No. 1), made under the Currency Act 1965, specifies the characteristics of certain coins proposed for issuance by the Royal Australian Mint. Enacted by the Parliamentary Secretary to the Treasurer, this determination addresses the need to detail coin specifications including composition, weight, design, and dimensions. It is subject to disallowance under the Legislative Instruments Act 2003. The coins in question, featuring 2006 on the obverse and celebrating 150 years of state government in Victoria, New South Wales, and Tasmania, are part of the mint's collector coin program. While stakeholder consultation was conducted to select themes and designs, no public consultation was deemed necessary for the coin specifications themselves, as they do not significantly impact business or competition.
Scope and Application
The Currency Determination (Royal Australian Mint) 2006 (No. 2) Amendment Determination 2006 (No. 1) applies to coins proposed to be issued by the Royal Australian Mint, specifically detailing the specifications of these coins under the Currency Act 1965. This determination outlines the characteristics of the coins, including their standard composition, standard weight, allowable variations, design, and dimensions, as required by the Currency Act. The coins covered in this determination are part of the mint's annual collector coin program, and while public consultation was undertaken for the themes and designs, no such consultation was conducted for the coin specifications as they do not significantly impact business or restrict competition. The determination is subject to disallowance under the Legislative Instruments Act 2003 and becomes effective the day after its registration.
Key Provisions
The Currency Determination (Royal Australian Mint) 2006 (No. 2) Amendment Determination 2006 (No. 1) (the Determination) specifies the characteristics of certain coins to be issued by the Royal Australian Mint. Under the Currency Act 1965, this Determination provides details such as the standard composition, standard weight, allowable variation from standard weight, design and dimensions of the coins (s 13(2), s 13A(1)). For instance, the Determination specifies that the $5 coins commemorating the 150th anniversary of state government will be made of silver (99.9%) and will feature various obverse and reverse designs for different states. These coins are part of the annual collector coin program and have undergone stakeholder consultation to ensure appropriate themes and designs.
The Determination obligates the Royal Australian Mint to produce coins that adhere to the specifications outlined in the Determination. These specifications include the material composition, weight, and design of the coins. For example, the $5 coins must be made of silver (99.9%), and the reverse design must feature a series of Australian maps showing the development of state boundaries over time, along with specific inscriptions and state outlines. The Mint must ensure that these coins are produced in accordance with these requirements to meet the legislative standards set out in the Currency Act 1965.
While the Determination does not explicitly outline specific offences or penalties for non-compliance, any failure to adhere to the specifications set out in the Determination could potentially lead to legal consequences under the Currency Act 1965. The Act provides for the imposition of penalties for the unauthorised production or distribution of coins, which could include fines or imprisonment if the Mint or any other party fails to comply with the requirements of the Determination. The Determination is a disallowable instrument under section 42 of the Legislative Instruments Act 2003, meaning that it can be disallowed by resolution of either House of the Parliament. The Determination comes into effect on the day after it is registered.