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 | 50c Coin (2008 50c Uncirculated Coin - 25th Anniversary of the Australia II Victory) The reverse design features a representation of the racing yacht Australia II, and also a schematic view of the hull below the waterline. The design also features the inscriptions ‘25th ANNIVERSARY AUSTRALIA II VICTORY’, the number ‘50’ and the coin designers mark resembling ‘CG’. |
Item 2 | $1 Coin (2008 $1 Uncirculated Coin – Inspirational Australians; Mary MacKillop) The reverse design features a representation of Mary MacKillop standing behind three children superimposed on a map of the world. The design also features the inscriptions ‘1 DOLLAR’, Mary MacKillop 1842-1909, ‘INSPIRATIONAL AUSTRALIANS SERIES: EDUCATION’ and the coin designer’s mark resembling ‘G’. |
Item 3 | $1 Coin (2009 $1 Proof and Uncirculated coins; Parkes Radio Telescope - International Year of Astronomy) The reverse design of the coin features a representation of the Parkes Radio telescope with a fence and two sheep in the forefront. The design also features the inscriptions ‘INTERNATIONAL YEAR OF ASTRONOMY 2009’, ‘ONE DOLLAR’ and the coin designer’s marks resembling ‘CG’. |
Item 4 | 20c Coin (2009 20c Proof and Uncirculated coins; Viewing the Sky – International Year of Astronomy) The reverse design of the coin features a representation of two people viewing the sky through binoculars and one person viewing the sky through a telescope. The centre of the coin is a representation of an old sky map displaying some of the different zodiac signs underneath star tracking paths. The design also features the inscriptions ‘INTERNATIONAL YEAR OF ASTRONOMY’, the number ‘20’, and the coin designer’s mark resembling ‘CG’ |
Obverse
Consistent with all Australian legal tender coinage, the effigy of Her Majesty Queen Elizabeth II by Ian Rank-Broadley, and either the year 2008 or 2009 will appear on the obverse side of the coin.
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 regulation of currency in Australia and to ensure the production and distribution of legal tender. In 2008, a determination under subsection 13A(1) of the Currency Act was made by the Minister for Superannuation and Corporate Law concerning the specifications of coins to be issued by the Royal Australian Mint. The determination outlines the detailed characteristics of the coins, including their composition, weight, design and dimensions, to ensure they meet the legal standards for circulation as Australian currency. This determination is a disallowable instrument under the Legislative Instruments Act 2003 and commenced on the day after it was registered. The coins specified in this determination are part of the Mint's annual collector coin program, chosen through stakeholder consultation to reflect significant Australian events and figures.
Scope and Application
The determination under subsection 13A (1) of the Currency Act 1965 applies to the specification of coins proposed to be issued by the Royal Australian Mint, specifically detailing the characteristics of the coins including their composition, weight, design, and dimensions. This determination is applicable to the 50 cent and one dollar coins commemorating the 25th anniversary of the Australia II victory, the Inspirational Australians series featuring Mary MacKillop, and the International Year of Astronomy 2009, both in proof and uncirculated versions. The coins are intended for the Mint's annual collector coin program and, while stakeholder consultation was involved in selecting themes and designs, no public consultation was required for the coin specifications themselves as they do not materially impact business or competition. The determination is a disallowable instrument under the Legislative Instruments Act 2003 and becomes effective the day after registration.
Key Provisions
The determination under subsection 13A(1) of the Currency Act 1965 sets out the specifications for certain coins to be issued by the Royal Australian Mint, providing details on the coins' characteristics, including their standard composition, standard weight, allowable variation from standard weight, design, and dimensions. This applies to four specific coins: a 50c coin celebrating the 25th anniversary of the Australia II victory, a $1 coin commemorating Mary MacKillop, a $1 coin celebrating the International Year of Astronomy 2009 and the Parkes Radio Telescope, and a 20c coin also celebrating the International Year of Astronomy 2009 with a design depicting sky observation. The obverse side of all these coins features the effigy of Her Majesty Queen Elizabeth II, designed by Ian Rank-Broadley, and either the year 2008 or 2009.
The determination imposes specific requirements on the Royal Australian Mint regarding the physical and design specifications of the coins. It mandates that the coins have the prescribed standard composition, weight, allowable variation, design, and dimensions. This includes the detailed descriptions of the reverse designs provided, such as the representation of the Australia II yacht for the 50c coin and Mary MacKillop for the $1 coin. The Mint must ensure that these specifications are adhered to when producing the coins.
Breaches of the specifications set out in the determination could potentially lead to legal consequences, though the Explanatory Statement does not explicitly outline specific offences or penalties. The determination itself is a disallowable instrument under section 42 of the Legislative Instruments Act 2003, meaning it can be subject to disallowance by Parliament. If the coins do not meet the specified standards, this could result in the coins being deemed unfit for legal tender, which could have implications for their use and acceptance. The Explanatory Statement notes that no public consultation was undertaken for the coin specifications as they do not significantly affect business or restrict competition.
The determination commences on the day after it is registered, and it is subject to disallowance by Parliament. This means that the Parliament has the power to review and potentially reject the determination if it believes it to be inappropriate or unnecessary. The Mint is required to follow the specifications outlined in the determination to ensure the coins meet the legal standards for circulation and collector's items.