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 | 50c Coin
2010 Cupro Nickel 50c Circulating Australia Day Coin
A design consisting of a representation of the Australian mainland formed by six ribbons and enclosing the inscription “50”; and repeated alternatively three times between the ribbon tails a representation of a child standing between two adults and a representation of two adults touching hands; and near the ribbons at the bottom left hand of the coin – a small designer’s mark consisting of a circle enclosing stylised initials “VG”; and outside the ribbon design the inscription “CELEBRATE WHAT’S GREAT” with a dot on either side; and the inscription “AUSTRALIA DAY” with a dot on either side.
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Item 2 | 50c Coin
2010 Silver 50c Selectively Gold Plated Proof Australia Day Coin
A design consisting of a representation of the Australian mainland formed by six ribbons and enclosing the inscription “50”; and repeated alternatively three times between the ribbon tails a representation of a child standing between two adults and a representation of two adults touching hands; and near the ribbons at the bottom left hand of the coin – a small designer’s mark consisting of a circle enclosing stylised initials “VG”; and outside the ribbon design the inscription “CELEBRATE WHAT’S GREAT” with a dot on either side; and the inscription “AUSTRALIA DAY” with a dot on either side. The Australian mainland formed by six ribbons and the enclosed inscription “50” will be gold plated on this proof coin. |
Item 3 | $1 Coin
2010 Silver $1 Proof ‘C’ Mintmark 100 Years of Australian Coinage Coin
A design featuring effigies of the following monarchs, from left to right: Queen Elizabeth II; King George VI; King George V; and King Edward VII. Beneath the effigies and to the left is a small letter “C”, and beneath the effigies to the right is a small designer’s mark consisting of a circle enclosing the stylised initials “VG”. In the upper left quadrant of the rim are 4 seven-pointed stars, in the centre of the upper rim the inscription “ONE DOLLAR” and at the base the inscription “100 YEARS OF AUSTRALIAN COINAGE”. |
Item 4 | $1 Coin
2010 Aluminium Bronze $1 Uncirculated ‘C’ Mintmark Coin 100 Years of Australian Coinage Coin
A design featuring effigies of the following monarchs, from left to right: Queen Elizabeth II; King George VI; King George V; and King Edward VII. Beneath the effigies and to the left is a small letter “C”, and beneath the effigies to the right is a small designer’s mark consisting of a circle enclosing the stylised initials “VG”. In the upper left quadrant of the rim are 4 seven-pointed stars, in the centre of the upper rim the inscription “ONE DOLLAR” and at the base the inscription “100 YEARS OF AUSTRALIAN COINAGE”. |
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. The effigy, together with the year ‘2010’, will appear on the obverse side of the coins (items 1 - 4).
Public consultation
No public consultation was undertaken in relation to the currency determination for items 3 and 4 as they have limited public interest and the design of the coins is based on the commercial decisions of the Royal Australian Mint.
The coin designs in Items 1 and 2 were created in consultation with The National Australia Day Council.
The determination commences on the day after it is registered.
Overview
The Currency Act 1965, enacted to regulate and control the issuance of currency in Australia, was supplemented in 2009 by F2009L04509, a legislative instrument aimed at addressing the specifications for certain commemorative coins. This instrument, made by the Assistant Treasurer under the authority of the Currency Act, specifies the characteristics of the coins, including their composition, weight, design, and dimensions, and is subject to disallowance by Parliament under the Legislative Instruments Act 2003. The policy objective behind this legislative instrument was to ensure that the coins issued by the Royal Australian Mint met the required standards and commemorated significant national events, such as Australia Day and the centenary of Australian coinage, while also maintaining the integrity and recognisability of Australian currency.
Scope and Application
The Currency Act 1965 governs the issuance of coins by the Royal Australian Mint (RAM), and under subsection 13A(1) of the Act, the Assistant Treasurer has authority to determine the specifications of coins proposed for issuance by the RAM. This determination includes details such as the coin's standard composition, standard weight, allowable variation from standard weight, design, and dimensions. The recent determination outlines specific characteristics for four coins: a 50c circulating coin and a 50c proof coin for Australia Day, and a $1 proof coin and a $1 uncirculated coin to commemorate 100 years of Australian coinage. Each coin's design is meticulously detailed, including inscriptions, emblems, and specific plating details for the proof coins. All coins feature an effigy of Queen Elizabeth II on the obverse side, alongside the year '2010'. The determination is subject to disallowance under the Legislative Instruments Act 2003 and takes effect the day after registration. Public consultation was limited, with only the Australia Day coins being subject to consultation due to their broader public interest.
Key Provisions
The key provisions of the legislation pertain to the specification of coins that the Royal Australian Mint (RAM) is to issue. Under subsection 13A(1) of the Currency Act 1965, the Assistant Treasurer has made a determination that outlines the details of the coins' characteristics, including their composition, weight, allowable variation from the standard weight, design, and dimensions (subsection 13A(1)). This determination specifies four types of coins: a 50c circulating coin, a 50c proof coin, and two $1 coins, each with unique characteristics and designs as described in the determination. The coins are to be issued as part of the celebration of Australia Day and to commemorate 100 years of Australian coinage.
The determination imposes specific obligations on the RAM regarding the production of these coins. The RAM must adhere to the detailed specifications provided in the determination, including the exact composition, weight, allowable variation, design, and dimensions of each coin. This includes the use of particular materials such as cupro nickel for the circulating 50c coin, silver for the proof 50c coin, and aluminium bronze for the uncirculated $1 coin. Additionally, the RAM must ensure that the coins bear the appropriate inscriptions and designs as specified, including the stylised initials "VG" and the inscriptions "CELEBRATE WHAT’S GREAT" and "AUSTRALIA DAY" for the 50c coins, and the effigies of various monarchs and other inscriptions for the $1 coins.
There are no explicit offences, penalties, or consequences for breach outlined in the determination itself. However, given that the determination is a disallowable instrument under section 42 of the Legislative Instruments Act 2003, any failure by the RAM to comply with the specifications could lead to the determination being disallowed by Parliament. This could result in the coins not being recognised as legal tender or being deemed unfit for circulation, which could have significant implications for both the RAM and the public. The maximum penalties for any potential offences related to the production or distribution of non-compliant coins would be determined by the Currency Act 1965 and other relevant legislation, which could include fines or imprisonment depending on the nature and severity of the breach.