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).
The following table is a description of designs and details on Obverse and Reverse.
Item 1 | $1 Coin 2010 $1 Fine Silver Frosted Uncirculated Coin – Yellow-Footed Rock-Wallaby REVERSE This design features the inscriptions about the rim ‘1 OUNCE FINE SILVER’, and ‘ONE DOLLAR’. In the centre a depiction of the native Australian Yellow-Footed Rock Wallaby, positioned amongst rocks and vegetation, as well as the designer’s mark resembling the letters ‘WP’. OBVERSE Consistent with all Australian legal tender coinage, an effigy of Her Majesty Queen Elizabeth II will appear on the obverse side of the coin. The effigy appears together with the text ‘ELIZABETH II’, ‘AUSTRALIA 2010’, and the initials ‘IRB’. |
Item 2 | $1 Coin 2010 $1 Fine Silver Proof Coin – Yellow-Footed Rock-Wallaby REVERSE This design features the inscriptions about the rim ‘1 OUNCE FINE SILVER’, and ‘ONE DOLLAR’. In the centre a depiction of the native Australian Yellow-Footed Rock Wallaby, positioned amongst rocks and vegetation, as well as the designer’s mark resembling the letters ‘WP’. OBVERSE Consistent with all Australian legal tender coinage, an effigy of Her Majesty Queen Elizabeth II will appear on the obverse side of the coin. The effigy appears together with the text ‘ELIZABETH II’, ‘AUSTRALIA 2010’, and the initials ‘IRB’. |
Item 3 | $10 Coin 2010 $10 Gold Proof Coin – Yellow-Footed Rock-Wallaby REVERSE This design features the inscriptions about the rim ‘1/10 oz. 9999 Au’, and ‘TEN DOLLARS’. In the centre a depiction of the native Australian Yellow-Footed Rock Wallaby, positioned amongst rocks and vegetation, as well as the designer’s mark resembling the letters ‘WP’. OBVERSE Consistent with all Australian legal tender coinage, an effigy of Her Majesty Queen Elizabeth II will appear on the obverse side of the coin. The effigy appears together with the text ‘ELIZABETH II’, ‘AUSTRALIA 2010’, and the initials ‘IRB’. |
Public consultation
No public consultation was undertaken in relation to the currency determination for items 1, 2 and 3 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, enacted by the Parliament of Australia, was designed to address the need for a regulatory framework governing the issuance and characteristics of Australian currency. The Act grants the Assistant Treasurer the authority to specify the details of coins to be issued, including their composition, weight, dimensions, and design. This legislative framework ensures consistency and quality in the nation's currency, maintaining public trust and facilitating smooth transactions. The determination made under subsection 13A(1) of the Act, which includes details of the proposed coins' specifications, is subject to disallowance under the Legislative Instruments Act 2003. The Royal Australian Mint (RAM) proposes specific coin designs, such as the $1 Fine Silver Frosted Uncirculated Coin and the $10 Gold Proof Coin, featuring the Yellow-Footed Rock Wallaby and an effigy of Queen Elizabeth II. The determination does not involve public consultation due to its limited public interest and the commercial nature of the Mint’s decisions.
Scope and Application
The Currency Act 1965, under subsection 13A (1), authorises the Assistant Treasurer to make a determination that specifies the details of coins proposed to be issued by the Royal Australian Mint (RAM). This determination includes comprehensive details such as the standard composition, standard weight, allowable variation from standard weight, design and dimensions of the coins. The coins detailed in the determination include a $1 Fine Silver Frosted Uncirculated Coin, a $1 Fine Silver Proof Coin, and a $10 Gold Proof Coin, each featuring a depiction of the native Australian Yellow-Footed Rock Wallaby and an effigy of Her Majesty Queen Elizabeth II on the obverse side. The determination is applicable to the RAM and the coins it issues, with the details specified in the determination binding the mint in its production of these coins. The determination is a disallowable instrument under the Legislative Instruments Act 2003 and comes into effect on the day after it is registered. No public consultation was undertaken as the determination pertains to coins with limited public interest, and the design decisions were made commercially by the RAM.
Key Provisions
The Assistant Treasurer's determination under subsection 13A(1) of the Currency Act 1965 specifies the details of the coins proposed to be issued by the Royal Australian Mint (RAM). These coins include a $1 Fine Silver Frosted Uncirculated Coin, a $1 Fine Silver Proof Coin, and a $10 Gold Proof Coin, all featuring a Yellow-Footed Rock-Wallaby design (subsection 13A(1)). The determination provides comprehensive details about the coins' characteristics, including their standard composition, standard weight, allowable variation from standard weight, design, and dimensions.
The obligations under this Act require the Assistant Treasurer to ensure that the coins meet specific standards and include certain inscriptions and images. The obverse side of each coin must feature an effigy of Her Majesty Queen Elizabeth II, along with the text 'ELIZABETH II', 'AUSTRALIA 2010', and the initials 'IRB'. The reverse side must depict the Yellow-Footed Rock Wallaby positioned amongst rocks and vegetation, along with the inscriptions '1 OUNCE FINE SILVER' and 'ONE DOLLAR' for the $1 coins, and '1/10 oz. 9999 Au' and 'TEN DOLLARS' for the $10 coin, as well as the designer’s mark resembling the letters 'WP'.
Failure to comply with the specifications detailed in the determination could lead to civil or criminal consequences, although specific penalties are not outlined in the provided text. However, the determination itself is a disallowable instrument under section 42 of the Legislative Instruments Act 2003. This means that Parliament has the ability to review and potentially disallow the instrument, which adds a layer of scrutiny to the coins' specifications and issuance.
The determination does not require public consultation as the design and issuance of these coins are based on commercial decisions of the RAM, and they have limited public interest. Once registered, the determination takes effect the day after its registration, making the specified coin designs and details legally binding.