Explanatory Statement
Currency Act 1965
Currency (Royal Australian Mint) Determination 2014 (No. 3)
Under subsection 13A (1) of the Currency Act 1965, the Parliamentary Secretary to the Treasurer, Steven Ciobo, 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.
Item 1 | $5 Silver Coin – History of the Victoria Cross Reverse A representation of the Victoria Cross for Australia medal in the foreground. In the background, a series of stylised geometric design elements incorporating alternating triangular shapes and triangular shapes superimposed on trapezoidal shapes. A representation of foliage on either side of the letter ‘V’ is arranged in a repetitive pattern immediately inside the outer edge of the coin. 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 together with the inscriptions ‘ELIZABETH II’ and ‘AUSTRALIA’, 2 representations of a dot and the inscription, in numerals, of a year. The obverse design includes the initials of the designer Ian Rank-Broadley ‘IRB’ and Arabic numerals for the amount, in dollars, of the denomination of the coin, followed by the inscription ‘DOLLAR’, or ‘DOLLARS’ as the case requires. |
Consultation
No public consultation was undertaken in relation to the currency determination. The effect of this instrument is to determine the weight, design and dimension of coins to enable the Royal Australian Mint to continue its production of circulating and numismatic coins. The Mint receives public submissions on coin designs and determines appropriate designs in accordance with its Coin Design Policy. The Mint used market based tools to identify interested parties and gauge interest in coin themes.
Commencement
The determination commences on the day after it is registered.
Statement of Compatibility with Human Rights
This instrument is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011. The purpose of the Currency (Royal Australian Mint) Determination 2014 (No. 3) is to determine the weight, design and dimension of circulating and numismatic coins. This instrument does not engage any of the applicable rights or freedoms. This instrument is compatible with human rights as it does not raise any human rights issues. This determination has been made by the Parliamentary Secretary to the Treasurer, Steven Ciobo, in accordance with subsection 13A (1) of the Currency Act 1965.
Overview
The Currency (Royal Australian Mint) Determination 2014 (No. 3) was introduced by the Parliamentary Secretary to the Treasurer, Steven Ciobo, under subsection 13A (1) of the Currency Act 1965. This determination was enacted to address the need for specifying the characteristics of coins proposed to be issued by the Royal Australian Mint. These characteristics include the coins' standard composition, weight, allowable variation from the standard weight, design and dimensions. The determination ensures that the Royal Australian Mint can continue its production of circulating and numismatic coins, providing detailed specifications for their creation. The determination does not engage any applicable rights or freedoms and is compatible with human rights as it does not raise any human rights issues.
Scope and Application
The Currency (Royal Australian Mint) Determination 2014 (No. 3) applies to the Royal Australian Mint, an entity responsible for the production of circulating and numismatic coins in Australia. This determination specifies the coins’ characteristics, including standard composition, standard weight, allowable variation from standard weight, design, and dimensions. It ensures that the coins meet certain specifications to maintain the integrity of the nation’s currency. The determination applies nationally within Australia, governing the production and issuance of coins by the Royal Australian Mint. There are no stated exclusions or exemptions in this determination, and it is made pursuant to the authority granted under subsection 13A (1) of the Currency Act 1965. The instrument is a disallowable instrument under the Legislative Instruments Act 2003, and it does not engage any of the human rights or freedoms recognised in the international instruments listed in the Human Rights (Parliamentary Scrutiny) Act 2011. The determination allows the Royal Australian Mint to continue its operations in producing coins while adhering to the specified standards.
Key Provisions
The Currency (Royal Australian Mint) Determination 2014 (No. 3) specifies the characteristics of a proposed $5 silver coin, detailing its composition, weight, allowable variation, design, and dimensions (section 1). The coin, themed on the History of the Victoria Cross, features a reverse design with a representation of the Victoria Cross medal in the foreground and a series of geometric design elements in the background. The obverse side includes an effigy of Queen Elizabeth II, inscriptions such as 'ELIZABETH II', 'AUSTRALIA', and the denomination, and the designer's initials 'IRB' (section 1).
The Royal Australian Mint is obligated to adhere to the specifications set out in the determination to ensure consistency in the production of circulating and numismatic coins. This includes ensuring that the coin's weight and dimensions match the standards outlined, and that the design elements are accurately represented. The Mint is also responsible for continuing to receive and evaluate public submissions on coin designs, although this particular determination did not involve public consultation (section 1).
Any breach of the specifications detailed in this determination could lead to legal consequences, although specific penalties are not outlined in the text. The determination is a disallowable instrument under the Legislative Instruments Act 2003, which means it can be reviewed and potentially disallowed by Parliament (section 42). Additionally, any failure to comply with the Currency Act 1965 could result in penalties as prescribed by law, although the exact penalties are not detailed in the determination itself.
The Currency (Royal Australian Mint) Determination 2014 (No. 3) is deemed compatible with human rights as it does not engage any of the applicable rights or freedoms, and it does not raise any human rights issues. This compatibility is stated under the Human Rights (Parliamentary Scrutiny) Act 2011, ensuring that the determination aligns with the international instruments that recognise or declare human rights and freedoms (section 3).