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 | $5 Coin (2008 Masterpieces in Silver Coin – Airbus A380) The reverse design features a representation of an aeroplane window framing a representation of an Airbus A380 plane flying towards the right. This window is partially obscured by another representation of a larger Airbus A380 plane flying towards the left. The design also features the inscriptions ‘AVIATION HISTORY – AIRBUS A380’, ‘5 DOLLARS’ and the coin designer’s mark resembling the letters ‘WP’. |
Item 2 | $5 Coin (2008 Masterpieces in Silver Coin – Avro 504K) The reverse design features a representation of the windshield of an Avro 504K aeroplane framing a representation of an Avro 504K aeroplane flying to towards the left. The windshield is partially obscured by a larger representation of the Avro 504K aeroplane flying towards the right. The design also features the inscriptions ‘AVIATION HISTORY – AVRO 504K’, ‘5 DOLLARS’ and the coin designer’s mark resembling the letters ‘WP’. |
Item 3 | $1 Coin (2008 Land Series Coin - $1 Echidna) The reverse design of the coin features a pad printed image of an echidna standing on a patch of moss next to a log. Six ants are represented to the left of the echidna. The design also features the inscriptions ‘1 DOLLAR’ and the coin designer’s mark resembling the letter ‘S’ and a Gemini symbol. |
Item 4 | $1 Coin (2008 Land Series Coin - $1 Rock Wallaby) The reverse design of the coin features a pad printed image of a rock wallaby sitting on rocks. Addition representations of rocks are featured in the background. The design also features the inscriptions ‘1 DOLLAR’ and the coin designer’s mark resembling the letter ‘S’ and a Gemini symbol. |
Item 5 | $1 Coin (2009 Land Series Coin - $1 Bilby) The reverse of the coin features a pad printed image of a bilby standing on a patch of dirt. Spinifex is represented to the left of the bilby. The design also features the inscriptions ‘1 DOLLAR’ and the coin designer’s mark resembling the letter ‘S’ and a Gemini symbol. |
Item 6 | $1 Coin (2009 Land Series Coin - $1 Frill-Necked Lizard) The reverse of the coin features a pad printed image of a frill – necked lizard sitting on a log. A stylised representation of the sun and sun rays feature to the left of the lizard. The design also features the inscriptions ‘1 DOLLAR’ and the coin designer’s mark resembling the letter ‘S’ and a Gemini symbol. |
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 with Qantas was undertaken to ensure appropriate themes were chosen for the Masterpieces in Silver coins. 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, enacted by the Parliament of Australia, governs the production and circulation of Australian currency. This legislation was introduced to ensure a stable and controlled monetary system within the country, addressing the need for precise regulation of currency production and distribution. The recent determination under subsection 13A (1) of the Currency Act 1965 by the Minister for Superannuation and Corporate Law specifies the characteristics of certain coins proposed to be issued by the Royal Australian Mint. This includes details such as standard composition, weight, allowable variations, design, and dimensions. The policy objective here is to maintain the integrity and recognisability of Australian currency while introducing commemorative coins that reflect significant aspects of Australian culture and history. This disallowable instrument, as per the Legislative Instruments Act 2003, commences on the day after its registration.
Scope and Application
The determination under the Currency Act 1965, made by the Minister for Superannuation and Corporate Law, specifies the details of coins proposed to be issued by the Royal Australian Mint, including their characteristics such as standard composition, standard weight, allowable variation from standard weight, design and dimensions. This determination applies to the coins listed, which are part of the Mint's annual collector coin program, and it extends to both the Masterpieces in Silver and Land Series coins featuring various aviation and wildlife themes. The coins in question have been designed with specific reverse images and inscriptions, and all have the obverse featuring the effigy of Her Majesty Queen Elizabeth II and the relevant year. The determination is a disallowable instrument and its scope is limited to the specified coins without broader public consultation, as the coin specifications do not substantially affect business or competition. This determination operates under the jurisdiction of the Commonwealth of Australia and commences on the day after its registration.
Key Provisions
The main operative sections of the determination under the Currency Act 1965 (subsection 13A(1)) detail the specifications of the coins to be issued by the Royal Australian Mint. These specifications include the standard composition, standard weight, allowable variation from standard weight, design, and dimensions of each coin (subsection 13A(1)). Specifically, the coins listed in the determination include a $5 coin commemorating the Airbus A380 and the Avro 504K, as well as $1 coins celebrating the echidna, rock wallaby, bilby, and frill-necked lizard. Each coin has distinct reverse designs and inscriptions, all bearing the obverse effigy of Queen Elizabeth II and the relevant year (2008 or 2009).
The determination imposes specific obligations on the Royal Australian Mint regarding the design and characteristics of the coins. The Mint must adhere to the detailed specifications provided, ensuring that the coins meet the standard composition, weight, allowable variation, design, and dimensions as outlined. The design must include the required inscriptions and the coin designer's mark. Furthermore, stakeholder consultation was conducted with Qantas to align the themes of the Masterpieces in Silver coins, although no public consultation was deemed necessary for the coin specifications themselves.
Failure to comply with the specifications set out in the determination could lead to various consequences. While the document does not explicitly state the penalties for non-compliance, breaches of the Currency Act 1965 or the Legislative Instruments Act 2003 could result in civil or criminal penalties. The determination is subject to disallowance under section 42 of the Legislative Instruments Act 2003, which could lead to the instrument being void if disallowed by Parliament. Additionally, any breach of the Currency Act could lead to fines or other civil penalties as prescribed by the Act.