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 2009 Silver $1 Proof and Brilliant Uncirculated – Fabulous Twelve (F12) Privy Mark Coin The reverse design features a representation of a kangaroo and its shadow bounding across the desert, with a setting sun in the background. The reverse design also features the inscriptions ‘1 oz. Fine silver’, a ‘F12 mark’ and above the mark, the coin designer’s mark resembling the letters ‘WP’. The obverse design features an effigy of Queen Elizabeth II, and the initials ‘IRB’, surrounded by the inscriptions ‘ELIZABETH II’, ‘AUSTRALIA 2009’ and ‘1 DOLLAR’. This coin will be released in two coin finishes, Proof and Brilliant Uncirculated. |
Item 2 | 50c Coin 2009 Gold 50c Proof Coin – 40th Anniversary of the 50c Piece The reverse design consists of a representation of the Australian Coat of Arms set against a swirl designed background with the inscription ‘50’ positioned under the shield of the Australian Coat of Arms. The obverse design features an effigy of Queen Elizabeth II, and the initials ‘IRB’, surrounded by the inscriptions ‘ELIZABETH II’ and ‘AUSTRALIA 2009’. |
Item 3 | $1 Coin 2009 Gold $1 Proof Coin – 25th Anniversary of the $1 Coin The reverse design consists of a representation of five bounding kangaroos positioned in a circular pattern starting at the top centre and finishing with the largest kangaroo at the bottom right hand side of the coin. The reverse design also features the inscriptions ‘1 DOLLAR’ positioned bottom centre. The obverse design features an effigy of Queen Elizabeth II, and the initials ‘IRB’, surrounded by the inscriptions ‘ELIZABETH II’ and ‘AUSTRALIA 2009’. |
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Overview
The Currency Act 1965, enacted by the Commonwealth Parliament, provides the legal framework for the issuance and regulation of currency in Australia. To address the need for greater flexibility in issuing commemorative coins, the Act was amended to include provisions such as subsection 13A, which allows the Minister for Superannuation and Corporate Law to specify the characteristics of proposed coins issued by the Royal Australian Mint. This includes aspects such as composition, weight, design, and dimensions. The policy objective behind these provisions is to enable the Mint to issue commemorative coins that celebrate significant national events or anniversaries, thereby enhancing public engagement with the nation's currency. The determination made under subsection 13A(1) of the Act outlines the specific details of coins to be issued, such as the 2009 Silver $1 Proof and Brilliant Uncirculated coin, the 2009 Gold 50c Proof coin marking the 40th anniversary of the 50c piece, and the 2009 Gold $1 Proof coin celebrating the 25th anniversary of the $1 coin.
Scope and Application
The determination made under subsection 13A(1) of the Currency Act 1965 pertains specifically to the specifications of coins proposed to be issued by the Royal Australian Mint. This includes detailing the standard composition, standard weight, allowable variations from the standard weight, design, and dimensions of each coin. The coins specified in this determination include the 2009 Silver $1 Proof and Brilliant Uncirculated – Fabulous Twelve (F12) Privy Mark Coin, the 2009 Gold 50c Proof Coin – 40th Anniversary of the 50c Piece, and the 2009 Gold $1 Proof Coin – 25th Anniversary of the $1 Coin. Each coin has distinct reverse and obverse designs with specific inscriptions and marks as described. This determination applies to the Royal Australian Mint and the entities involved in minting and issuing these coins. The scope of this Act is national, as it falls under the Commonwealth jurisdiction. The determination is a disallowable instrument under section 42 of the Legislative Instruments Act 2003, and it commences on the day after it is registered.
Key Provisions
Under subsection 13A (1) of the Currency Act 1965, the Minister for Superannuation and Corporate Law has specified the details of certain coins proposed to be issued by the Royal Australian Mint. These coins include the 2009 Silver $1 Proof and Brilliant Uncirculated – Fabulous Twelve (F12) Privy Mark Coin, the 2009 Gold 50c Proof Coin marking the 40th anniversary of the 50c piece, and the 2009 Gold $1 Proof Coin celebrating the 25th anniversary of the $1 coin. The Minister’s determination must detail the coins' characteristics such as their standard composition, weight, allowable weight variation, design, and dimensions. These details ensure that the coins meet specific standards and are recognisable as legal tender.
The obligations under the Currency Act 1965 require that the Minister provides detailed specifications for the coins, including their design and physical characteristics. The determination must be comprehensive, covering all aspects of the coins' appearance and composition, ensuring consistency with legal standards and public expectations. The coins must be released in specified finishes, such as Proof and Brilliant Uncirculated for the $1 coin, and must bear the correct inscriptions and imagery as outlined in the determination. Additionally, the coins must be registered and commence on the day after registration, ensuring that they are legally recognised and can be issued into circulation.
Any breach of the provisions outlined in the Currency Act 1965 could result in legal consequences. Offences under the Act may lead to penalties, both civil and criminal, depending on the nature and severity of the breach. While the specific penalties are not detailed in the provided text, breaches of similar legislation typically involve fines and potential imprisonment for serious offences. The maximum penalties would depend on the specific provisions breached and the discretion of the courts. The issuance of non-compliant coins could also lead to civil actions for misrepresentation or fraud, further emphasising the importance of adhering to the Act’s requirements.
The determination is classified as a disallowable instrument under section 42 of the Legislative Instruments Act 2003. This means that, although the determination is made by the Minister, it can be reviewed and potentially disallowed by Parliament. The disallowance process adds a layer of accountability and ensures that the issuing of coins meets legislative scrutiny and public interest. The commencement of the determination is contingent on its registration, ensuring that it is formally enacted and recognised under law. This structured approach ensures that the coins issued are of high quality and meet the legal standards expected by the public and financial institutions.