Overview

The Currency Act 1965, enacted by the Australian Parliament, has been supplemented by the F2008L01661 determination, which addresses the need to specify the characteristics of certain coins to be issued by the Royal Australian Mint. This determination, made under subsection 13A(1) of the Currency Act, provides detailed information about the coins' composition, weight, design, and dimensions, ensuring compliance with the legal framework governing currency issuance. The policy objective underpinning this determination is to facilitate the minting of collector coins with appropriate themes and designs, as confirmed through stakeholder consultation, while ensuring these coins meet the necessary standards and do not adversely affect business or competition. This disallowable instrument, governed by the Legislative Instruments Act 2003, comes into effect upon registration and is intended to support the Mint's collector coin program by establishing clear specifications for the coins listed.

Scope and Application

The determination made under subsection 13A (1) of the Currency Act 1965 applies to the coins specified in the document, namely the 2009 $1 Uncirculated Lunar Year of the Ox, the 2009 $1 Silver Proof Lunar Year of the Ox, and the 2009 $10 Gold Proof Lunar Year of the Ox. The determination provides detailed specifications for these coins, including their standard composition, weight, allowable variation, design, and dimensions. It applies to the Royal Australian Mint, which is responsible for issuing these coins as legal tender within Australia. The geographic reach of this determination is limited to the Commonwealth of Australia, where these coins will circulate as legal tender. The determination does not provide for any exclusions, exemptions, or thresholds, as it focuses specifically on the technical specifications of the coins. The application of this determination can be extended or modified through subordinate instruments, as permitted under the Currency Act 1965 and the Legislative Instruments Act 2003.

Key Provisions

The main operative sections of the legislation involve the Minister for Superannuation and Corporate Law making a determination under subsection 13A (1) of the Currency Act 1965. This determination details the characteristics of three coins proposed for issuance by the Royal Australian Mint: a 2009 $1 Uncirculated Lunar Year of the Ox, a 2009 $1 Silver Proof Lunar Year of the Ox, and a 2009 $10 Gold Proof Lunar Year of the Ox. The details required include the standard composition, standard weight, allowable variation from standard weight, design, and dimensions of the coins (subsection 13A (1)). The coins feature a common reverse design consisting of a circle enclosing a representation of an ox, a designer’s mark, a flame to the left, and a character in traditional Chinese script to the right, along with inscriptions in the four sectors of the coin. The obverse side of the coins will bear the effigy of Her Majesty Queen Elizabeth II by Ian Rank-Broadley, together with the year 2009. The obligations and requirements imposed by the Act on the parties involved include the adherence to the specifications outlined in the Minister’s determination. This involves the Royal Australian Mint ensuring that the coins meet the prescribed standards in terms of composition, weight, design, and dimensions. The coins must also feature the designated obverse and reverse designs as specified. Additionally, stakeholder consultation was undertaken to ensure appropriate themes and designs were chosen for the Mint’s annual collector coin program. However, no public consultation was conducted on the specifications of the coins themselves as they do not have a direct or substantially indirect effect on business nor restrict competition. The legislation also outlines potential consequences for non-compliance. The determination is classified as a disallowable instrument under section 42 of the Legislative Instruments Act 2003, meaning that Parliament has the ability to review and potentially disallow it. While the Act does not explicitly state penalties for breach, non-compliance with the specified coin characteristics could lead to legal ramifications. Given that these coins are part of the legal tender, any deviation from the prescribed specifications could potentially lead to enforcement actions by relevant authorities, including potential criminal or civil penalties, although the exact nature and extent of these penalties are not specified within the text.