Under subsection 13A (1) of the Currency Act 1965, the Assistant Treasurer has made a determination regarding the specification of coins proposed to be issued by the RAM.
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).
Item 1 | $1 Coin 2009 Al/Br $1 Uncirculated Coin – Master Mintmark In 2009 the Royal Australian Mint (RAM) sees completion of the first major building refurbishment project undertaken since the heritage listed site was opened in 1965. To mark the occasion the RAM will be unveiling a newly designed Master Mintmark on the standard $1 coin design, featuring the letter ‘C’ with a Kangaroo passing through it. |
Item 2 | $1 Coin 2009 Al/Br $1 Uncirculated – Master Mintmark ‘C’ Counterstamp This release is a variation of the coin described in Item 1 and will be available to attendees of selected functions at the Mint, such as the Mint Gallery re-opening scheduled for third quarter 2009. The coin will be presented with the same design mentioned above, though it will also feature a small ‘C’ counterstamp which shall be applied to the coin at the time of purchase using the Mint’s mobile press. |
Item 3 | 50c Coin 2009 Cu/Ni 50c Uncirculated Pad Printed Coin – 40th Anniversary of the Moon Landing On the 21st of July 1969 the National Aeronautics and Space Administration (NASA) executed the first successful manned moon landing mission. The reverse design of this commemorative coin features a stylised representation of a spacecraft, the earth, the moon, and the sky at night. The following inscriptions are also included on the reverse design; ‘50 CENTS’, ‘40th ANNIVERSARY OF THE MOON’, and ‘LANDING’. |
Obverse
Consistent with all Australian legal tender coinage, an effigy of Her Majesty Queen Elizabeth II will appear on the obverse sides of the coins.
Public consultation
No public consultation was undertaken in relation to the currency determination as it has limited public interest and the design of the coins is based on the commercial decisions of the Royal Australian Mint.
The determination commences on the day after it is registered.
Overview
The Currency Act 1965 was enacted to provide for the issuing of Australian currency and the regulation of the currency system, including the establishment of the Royal Australian Mint. In 2009, the Assistant Treasurer made a determination under subsection 13A (1) of the Currency Act 1965 to specify the characteristics of certain coins proposed to be issued by the RAM, which includes details such as the standard composition, standard weight, allowable variation from standard weight, design and dimensions. The determination is a disallowable instrument under the Legislative Instruments Act 2003 and aims to regulate the specifications of coins issued by the RAM. The determination was made without public consultation due to its limited public interest, and the coins commemorate significant events and the refurbishment of the RAM.
Scope and Application
The Currency Act 1965, under subsection 13A (1), empowers the Assistant Treasurer to determine the specifications of coins proposed to be issued by the Royal Australian Mint (RAM). This determination is applicable to the RAM, detailing the characteristics of the coins including their standard composition, standard weight, allowable variation from standard weight, design, and dimensions. These coins, once specified, become part of the Australian legal tender and are subject to the broader regulatory framework provided by the Currency Act. The determination also specifies the coins' designs, which in the case of the 2009 release, include commemorative elements such as a Master Mintmark celebrating the Mint's refurbishment and a coin celebrating the 40th anniversary of the moon landing. The determination is a disallowable instrument under the Legislative Instruments Act 2003. As there was limited public interest and the designs were based on commercial decisions of the RAM, no public consultation was undertaken. The determination takes effect on the day following its registration.
Key Provisions
The determination under subsection 13A(1) of the Currency Act 1965 outlines the specifications of coins proposed for issue by the Royal Australian Mint (RAM). This includes details such as the standard composition, weight, allowable variation from the standard weight, design, and dimensions of the coins (section 13A(1)). Specifically, the determination pertains to three coins: a 2009 $1 coin featuring a new Master Mintmark, a 2009 $1 uncirculated coin with a 'C' counterstamp, and a 2009 50 cent coin commemorating the 40th anniversary of the moon landing. The coins will feature unique designs and inscriptions relevant to their commemorative purpose.
The determination imposes certain obligations and requirements on the Royal Australian Mint regarding the production and issuance of these coins. The RAM must ensure that the coins meet the specifications outlined in the determination, including the design, weight, and composition. The obverse of all coins must bear an effigy of Her Majesty Queen Elizabeth II, consistent with all Australian legal tender coinage. Additionally, the coins must be minted according to the standards set out in the determination, such as the materials used and the precision of the design features.
Failure to comply with the specifications and requirements set out in the determination could result in legal consequences. Although the determination does not specify explicit offences or penalties, non-compliance with the Currency Act 1965 generally may lead to civil or criminal penalties. The Currency Act includes provisions for penalties in cases of counterfeiting or the unauthorised manufacture of coins, which could include fines and imprisonment. However, the specific penalties would depend on the nature and extent of the breach.
The determination is a disallowable instrument, meaning it can be reviewed and disallowed by Parliament under section 42 of the Legislative Instruments Act 2003. This review process ensures that the determination aligns with legislative intent and public interest. The determination becomes effective the day after it is registered, marking the official start of the issuance of the specified coins.