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 Determination (Royal Australian Mint) 2006 (4) includes the following coin:
Denomination | Brief Design | Standard Composition |
$1 | 2007 $1 Circulating – APEC coin Obverse design: An effigy of Queen Elizabeth II by Ian Rank-Broadley, ELIZABETH II and AUSTRALIA 2007 Reverse design: The inscriptions; APEC AUSTRALIA 2007 and ONE DOLLAR surrounding the APEC sun (centrepiece of the APEC AUSTRALIA 2007 logo) enclosed by a circle. | Copper, aluminium and nickel |
APEC 2007 Taskforce consultation
The coin covered in the determination is part of the mint’s annual circulating coinage program. The Mint has undertaken and consultation with the APEC 2007 Taskforce with regard to the use of the phrase ‘APEC AUSTRALIA 2007’ and logo. The Taskforce has approved its use, and the coin design. This coin design is also approved by the Prime Minister.
Overview
The Currency Determination (Royal Australian Mint) 2006 (F2006L05738) was introduced to formalise the specifications of coins proposed to be issued by the Royal Australian Mint under the Currency Act 1965. Enacted by the Parliamentary Secretary to the Treasurer, this legislation was designed to address the need for precise coin characteristics, including their composition, weight, design, and dimensions, as outlined in subsections 13(2), 13A(1), 13(6), and 13A(4) of the Currency Act 1965. The determination, which became effective the day after registration, specifies the design and standard composition of a $1 coin commemorating APEC 2007, featuring an effigy of Queen Elizabeth II and the APEC logo, approved by both the APEC 2007 Taskforce and the Prime Minister. The policy objective is to ensure the coins meet regulatory standards while also commemorating significant events and figures.
Scope and Application
The Currency Determination (Royal Australian Mint) 2006 applies to the Royal Australian Mint, governing the specifications of the coins it proposes to issue. This includes details such as the coin’s composition, weight, allowable variations, design, and dimensions. The act applies nationally under the authority granted by the Currency Act 1965, specifically through subsections 13(2), 13A(1), 13(6), and 13A(4). This determination is a disallowable instrument, meaning it can be reviewed and potentially disallowed by Parliament under Section 42 of the Legislative Instruments Act 2003. The determination came into effect the day after its registration and applies to the 2007 $1 circulating coin, commemorating APEC Australia 2007. The coin’s design, featuring an effigy of Queen Elizabeth II on the obverse and the APEC Australia 2007 logo on the reverse, was approved by the APEC 2007 Taskforce and the Prime Minister. There are no exclusions or exemptions outlined in the determination, but the detailed specifications of the coin’s characteristics are strictly defined.
Key Provisions
The main operative sections of this legislation, specifically sections 13(2), 13A(1), 13(6), and 13A(4) of the Currency Act 1965, establish the framework for the determination of coin specifications by the Parliamentary Secretary to the Treasurer. These sections require that the determination provide detailed information about the coin's characteristics, including its standard composition, weight, allowable weight variation, design, and dimensions (13(2) and 13A(1)). Furthermore, the determination must be registered before it can commence, and it is subject to disallowance under section 42 of the Legislative Instruments Act 2003 (13(6) and 13A(4)). The Currency Determination (Royal Australian Mint) 2006 includes specifications for a $1 coin, featuring an obverse design with an effigy of Queen Elizabeth II and inscriptions such as 'AUSTRALIA 2007', and a reverse design incorporating the APEC 2007 logo and inscriptions.
The obligations imposed by this Act on the relevant parties primarily involve the Royal Australian Mint and the Parliamentary Secretary to the Treasurer. The Mint must ensure that any proposed coins meet the specifications detailed in the determination, which includes aspects such as composition, weight, design, and dimensions. The Parliamentary Secretary to the Treasurer is responsible for making the determination based on the requirements of sections 13(2) and 13A(1) of the Currency Act 1965, and this determination must be registered before it can take effect. Additionally, any consultations required, such as those with the APEC 2007 Taskforce, must be undertaken and approvals secured before the coin can be issued.
Breach of the requirements outlined in this legislation could lead to civil or criminal consequences, although specific offences and penalties are not detailed within the text. However, given that the determination is a disallowable instrument, any failure to comply with the specified coin characteristics or the legislative requirements could potentially be subject to review and disallowance under section 42 of the Legislative Instruments Act 2003. This might involve legal challenges or administrative actions to rectify non-compliance. The maximum penalties for breaches are not explicitly stated in the provided text, but they could involve fines or other legal sanctions as prescribed by the relevant laws.