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.
Reverse
The reverse designs for each of the three coins covered in the determination are:
Item 1 | $1 Coin (2009 $1 Silver Chinese Lunar Year of the Ox Coin) A design consisting of an artist’s representation of an ox, surrounded by two phoenixes facing one another. The design also features the inscriptions ‘1 DOLLAR’ and ‘1 oz .999 silver’. The coins will be packed in individual coin capsules, presentation case, and outer box and will be accompanied with a certificate of authenticity. |
Item 2 | $10 Coin (2009 $10 Gold Chinese Lunar Year of the Ox Coin) A design consisting of an artist’s representation of an ox, surrounded by two phoenixes facing one another. The design also features the inscriptions ‘10 DOLLAR’ and ‘1/10 oz .9999 gold’. The coins will be packed in individual coin capsules, presentation case, and outer box and will be accompanied with a certificate of authenticity. |
Item 3 | $25 Coin (2009 $25 Gold Chinese Lunar Year of the Ox Coin) A design consisting of an artist’s representation of an ox, surrounded by two phoenixes facing one another. The design also features the inscriptions ‘25 DOLLAR’ and ‘1/2 oz .9999 gold’. The coins will be packed in individual coin capsules, presentation case, and outer box and will be accompanied with a certificate of authenticity. |
Obverse
Consistent with all Australian legal tender coinage, the effigy of Her Majesty Queen Elizabeth II by Ian Rank-Broadley, the year 2009 will appear on the obverse side of the coin.
No wider public consultation was undertaken in respect of the actual specifications of these coins 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 regulate the production, issuance and control of Australian currency, including coins, and to prevent counterfeiting. F2008L03583 is a legislative instrument made under subsection 13A (1) of the Currency Act 1965, which specifies the characteristics of the coins proposed to be issued by the Royal Australian Mint. The instrument was made by the Minister for Superannuation and Corporate Law and is a disallowable instrument under section 42 of the Legislative Instruments Act 2003. The determination provides details of the coins' characteristics including standard composition, standard weight, allowable variation from standard weight, design, and dimensions. The coins are designed to celebrate the Chinese Lunar Year of the Ox, featuring an artist's representation of an ox surrounded by two phoenixes facing one another, along with the inscriptions ‘1 DOLLAR’ and ‘1 oz.999 silver’ for the $1 coin, ‘10 DOLLAR’ and ‘1/10 oz .9999 gold’ for the $10 coin, and ‘25 DOLLAR’ and ‘1/2 oz.9999 gold’ for the $25 coin. The coins will be packed in individual coin capsules, presentation case, and outer box and will be accompanied with a certificate of authenticity.
Scope and Application
The determination made under subsection 13A (1) of the Currency Act 1965 applies to the specification of three coins proposed to be issued by the Royal Australian Mint. The Act requires that the determination provide detailed information about the coins' characteristics, including their standard composition, standard weight, allowable variation from standard weight, design, and dimensions. This determination, which is a disallowable instrument under section 42 of the Legislative Instruments Act 2003, applies to the specified coins only and does not extend to other types of coins or currency. It applies nationally, as it pertains to legal tender coins within Australia. The Act does not specify any exclusions, exemptions, or thresholds for the coins covered in this determination. The coins, which feature designs consistent with the Chinese Lunar Year of the Ox, include a $1 silver coin, a $10 gold coin, and a $25 gold coin, each with individual coin capsules, presentation cases, outer boxes, and certificates of authenticity.
Key Provisions
The main sections of the determination made under the Currency Act 1965 (subsection 13A (1)) provide details about the specifications of the coins to be issued by the Royal Australian Mint. These coins include the $1 Silver Chinese Lunar Year of the Ox Coin, the $10 Gold Chinese Lunar Year of the Ox Coin, and the $25 Gold Chinese Lunar Year of the Ox Coin. Each coin’s specifications detail its standard composition, standard weight, allowable variation from standard weight, design, and dimensions. For example, the $1 coin is made of 1 oz of .999 silver, while the $10 and $25 coins are made of 1/10 oz and 1/2 oz of .9999 gold, respectively. All coins feature an artist’s representation of an ox surrounded by two phoenixes facing one another and bear the inscriptions relevant to their denomination and material composition.
The Act imposes certain obligations on the parties involved, primarily stipulating that the coins must adhere to the specifications outlined in the determination. These specifications include not only the design and material composition but also the packaging and accompanying documentation, such as the certificate of authenticity. The coins are to be packed in individual coin capsules, presentation cases, and outer boxes to ensure their integrity and presentation. Additionally, the obverse side of each coin must feature the effigy of Her Majesty Queen Elizabeth II, created by Ian Rank-Broadley, and the year 2009. Given that these coins do not have a direct or substantially indirect effect on business or restrict competition, no wider public consultation was undertaken.
Breaching the specifications outlined in the determination could lead to various legal consequences. Although the legislation does not explicitly state penalties for non-compliance, the general principles of administrative law and the Currency Act 1965 would apply. Any entity or individual found to be in breach of the specifications might face legal action, including injunctions or fines, as well as civil or criminal penalties depending on the severity and intent of the breach. The maximum penalties would be determined by relevant laws governing administrative and criminal offences, which could include substantial fines and, in severe cases, imprisonment.