Under subsection 13A (1) of the Currency Act 1965, the Minister for Superannuation and Corporate Law has made a determination regarding the specification of coins proposed to be issued by the Royal Australian Mint.
Subsection 13A (1) of the Currency Act 1965 requires that the determination provides details of the coins characteristics including standard composition, standard weight, allowable variation from standard weight, design and dimensions.
This determination is a disallowable instrument for the purposes of section 42 of the Legislative Instruments Act 2003 (Subsection 13(6) and 13A (4) of the Currency Act 1965, Section 57 of the Legislative Instruments Act 2003).
The determination commences on the day after it is registered.
Item 1 | $1 Coin - 2008 $1 Pad Printed Frosted Uncirculated Coin, Land Series; Koala The reverse design features a koala sitting in a tree branch, and an artist’s impression of the trunk of a tree and tree leaves. The design also features the inscription ‘1 DOLLAR’ |
Item 2 | $1 Coin – 2008 $1 Pad Printed Frosted Uncirculated Coin, Land Series; Wombat The reverse design features a wombat emerging from a hollow log, and an artist impression of a patch of grass and tufts of grass. The design also features the inscription ‘1 DOLLAR’ |
Item 3 | $1 Coin – 2009 $1 Silver Proof Kangaroo; Ken Done The reverse design features an artist impression of the sun, a kangaroo, Uluru and a collection of lines and dots representing the soil. The design also features the inscriptions ‘ONE OUNCE FINE SILVER’, ‘ONE DOLLAR’ and a representation of the signature of Ken Done. |
Item 4 | $1 Coin – 2009 Silver Selectively Gold Plated Kangaroo Coin; Ken Done The reverse design features an artist impression of the sun, a kangaroo, Uluru and a collection of lines and dots representing the soil. The design also features the inscriptions ‘ONE OUNCE FINE SILVER’, ‘ONE DOLLAR’ and a representation of the signature of Ken Done. |
Item 5 | $1 Coin – 2009 Cupper/Nickel Frosted Uncirculated Kangaroo Coin; Ken Done The reverse design features an artist impression of the sun, a kangaroo, Uluru and a collection of lines and dots representing the soil. The design also features the inscription ‘ONE DOLLAR’ and a representation of the signature of Ken Done. |
Item 6 | $1 Coin – 2009 $1 Silver Frosted Uncircuklated Kangaroo Coin; Ken Done The reverse design features an artist impression of the sun, a kangaroo, Uluru and a collection of lines and dots representing the soil. The design also features the inscriptions ‘ONE OUNCE FINE SILVER’, ‘ONE DOLLAR’ and a representation of the signature of Ken Done. |
Item 7 | $10 Coin – 2009 $10 Gold Proof Kangaroo Coin The reverse design features an artist impression of the sun, a kangaroo, Uluru and a collection of lines and dots representing the soil. The design also features the inscription ‘TEN DOLLARS’ and a representation of the signature of Ken Done. |
Obverse
Consistent with all Australian legal tender coinage, the effigy of Her Majesty Queen Elizabeth II by Ian Rank-Broadley, together with the year 2008 or 2009, will appear on the obverse side of the coin.
Public consultation
Items 3 through to 7 had been produced in conjunction with Ken Done.
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 this coin as they do not have a direct, or a substantially indirect, effect on business, nor do they restrict competition.
Overview
The Currency Act 1965 was enacted to provide for the issue of Australian legal tender and the regulation of currency and foreign exchange. The 2008 amendment introduced by F2008L00229 addresses the specification of coins to be issued by the Royal Australian Mint, focusing on the detailed characteristics of these coins, including their design, composition, and weight. This legislative instrument was made by the Minister for Superannuation and Corporate Law under subsection 13A (1) of the Currency Act 1965. The objective of this determination is to ensure that the coins issued meet specific standards and specifications, facilitating their circulation and recognition as legal tender. The determination is subject to disallowance under section 42 of the Legislative Instruments Act 2003 and takes effect upon registration. The coins detailed in the determination, part of the Mint's annual collector coin program, were produced in consultation with artist Ken Done, and while stakeholder consultation was undertaken for the themes and designs, no public consultation was required for the coin specifications themselves as they do not significantly impact business or competition.
Scope and Application
The determination under subsection 13A(1) of the Currency Act 1965 pertains to the specification of coins proposed for issuance by the Royal Australian Mint. This determination applies to the detailed characteristics of the coins, including their standard composition, weight, allowable variation from standard weight, design, and dimensions. The specified coins are part of the Mint's annual collector coin program and include various designs featuring animals such as a koala, wombat, and kangaroo, as well as artistic impressions by Ken Done. This determination applies nationally within Australia and governs the physical attributes of the coins issued by the Mint. Notably, this determination does not extend to public consultation on the specifications of the coins, as they are not deemed to have a significant effect on business or competition. The determination is a disallowable instrument under the Legislative Instruments Act 2003, and it commences on the day after its registration.
Key Provisions
The main sections of this legislation, specifically subsection 13A(1) of the Currency Act 1965, detail the requirements for the Minister's determination regarding the specification of coins to be issued by the Royal Australian Mint. This subsection mandates that the determination must specify the coins' characteristics, including their standard composition, standard weight, allowable variation from standard weight, design, and dimensions (subsection 13A(1)). The determination is subject to disallowance under section 42 of the Legislative Instruments Act 2003, with the relevant provisions being subsections 13(6) and 13A(4) of the Currency Act 1965 and section 57 of the Legislative Instruments Act 2003. The determination becomes effective the day after it is registered.
The obligations imposed by this legislation are primarily on the Minister for Superannuation and Corporate Law. They must ensure that the coins meet the specified standards in terms of composition, weight, design, and dimensions. Furthermore, the coins must align with the Mint's annual collector coin program and must involve stakeholder consultation to ensure appropriate themes and designs are chosen. However, no public consultation is required for the actual specifications of the coins as they do not significantly affect business or competition.
In terms of consequences for breach, this legislation does not explicitly outline specific offences or penalties for non-compliance with the coin specifications. However, given that the determination is a disallowable instrument, any failure to comply with the legislative requirements could potentially lead to the disallowance of the instrument under section 42 of the Legislative Instruments Act 2003. This could result in the determination being nullified, thereby affecting the legality of the coin specifications and potentially leading to broader legal or financial repercussions for the Mint and related entities.