Currency (Royal Australian Mint) Determination 2010 (No. 5)

Overview

The F2010L02891 Explanatory Statement outlines a determination under the Currency Act 1965 by the Assistant Treasurer concerning the specifications of coins to be issued by the Royal Australian Mint. Enacted by the Parliament of Australia, the Currency Act 1965 serves to establish and regulate the issuance of Australian currency, ensuring it meets certain standards and specifications. The policy objective behind this particular determination is to formalise the details of specific coins, including their composition, weight, design, and dimensions, in accordance with the legislative requirements. This determination, which is subject to disallowance under the Legislative Instruments Act 2003, specifies four coins to be issued in 2011 and 2010, each with distinct designs commemorating various national events and anniversaries. The decision process did not involve public consultation due to the limited public interest and the commercial nature of the Royal Australian Mint's design choices.

Scope and Application

The F2010L02891 instrument under the Currency Act 1965 provides the specifications for coins proposed to be issued by the Royal Australian Mint (RAM). It applies to the Assistant Treasurer who, pursuant to subsection 13A(1) of the Currency Act 1965, must make a determination that details the coins’ characteristics including composition, weight, allowable variations, design, and dimensions. These coins are legal tender and subject to the Commonwealth's jurisdiction. The determination does not apply to coins that have not been officially proposed by the RAM for issuance. The instrument is a disallowable legislative instrument under section 42 of the Legislative Instruments Act 2003 and is effective from the day after its registration. Notably, no public consultation was conducted for this determination due to its limited public interest and the commercial basis of the coin designs by the RAM.

Key Provisions

The key sections of the determination made under subsection 13A (1) of the Currency Act 1965 outline the specifications of coins proposed to be issued by the Royal Australian Mint (RAM). This includes the standard composition, standard weight, allowable variation from standard weight, design, and dimensions of the coins (subsection 13A (1)). These coins, which include the 20c Coin 2011 Copper and Nickel Uncirculated Coin – The Ashes, the 50c Coin 2011 Copper and Nickel Circulating and Rolled Coins – Australia Day, the $1 Coin 2010 Silver ‘C’ Master Mintmark Proof Coin – 100 Years of Australian Coinage, and the $1 Coin 2010 Copper, Aluminium and Nickel ‘C’ Counterstamp Coin – 100 Years of Australian Coinage, each have distinct designs and characteristics as described. The coins are part of the RAM’s 2010 and 2011 Numismatic Programs, and are available through various means including blister packs, general circulation, and numismatic shows. The obligations imposed by this Act on the RAM include ensuring that the coins meet the specified standards and characteristics as determined by the Assistant Treasurer. This involves adhering to the prescribed design, dimensions, composition, and weight of each coin. For instance, the 20c Coin must feature the designated reverse and obverse designs, with inscriptions such as ‘TWENTY CENTS’ and ‘THE ASHES’, and must be packed in a blister and collector card. Similarly, the 50c Coin must have a reverse design representing the map of Australia and the inscriptions ‘AUSTRALIA DAY 2011’ and ‘CELEBRATE WHAT’S GREAT’, while maintaining the standard effigy of Her Majesty Queen Elizabeth II on the obverse. The $1 Coins must feature the effigies of specific monarchs and the inscriptions ‘ONE DOLLAR’ and ‘100 YEARS OF AUSTRALIAN COINAGE’. All coins must also comply with the general legal tender coinage standards. There are no specific offences, penalties, or civil/criminal consequences mentioned for breaches of this determination. However, as a disallowable instrument under section 42 of the Legislative Instruments Act 2003, the determination can be subject to disallowance by Parliament, which would render it ineffective. This underscores the importance of adhering to the specifications and obligations set forth in the determination to avoid potential legislative repercussions.