Explanatory Statement
Currency Act 1965
Currency (Royal Australian Mint) Determination 2014 (No. 6)
Under paragraph 13(2)(b) and 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.
Paragraph 13(2)(b) and subsection 13A (1) of the Currency Act 1965 require that the determination provides details of the coins’ denomination and 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 | $1 Copper, Aluminium and Nickel Coin - 100 Years of ANZAC ‘M’ Counterstamp Reverse A representation of the Anzac Centenary logo, which is made up of a representation of a soldier standing with a rifle and the inscriptions ‘00’, ‘YEARS OF’, ‘ANZAC’, ‘THE SPIRIT LIVES’ and ‘2014 – 2018’. The design includes an ornamental border immediately inside the rim of the coin, the inscription ‘ONE DOLLAR’ and the letter ‘M’ denoting Melbourne. 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’, ‘AUSTRALIA’ and the inscription, in numerals, of a year. The obverse design includes the initials of the designer Ian Rank-Broadley ‘IRB’. |
Item 2 | $1 Copper, Aluminium and Nickel Coin - 100 Years of ANZAC ‘AL’ Counterstamp Reverse A representation of the Anzac Centenary logo, which is made up of a representation of a soldier standing with a rifle and the inscriptions ‘00’, ‘YEARS OF’, ‘ANZAC’, ‘THE SPIRIT LIVES’ and ‘2014 – 2018’. The design includes an ornamental border immediately inside the rim of the coin, the inscription ‘ONE DOLLAR’ and the letters ‘AL’ denoting Albany. 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’, ‘AUSTRALIA’ and the inscription, in numerals, of a year. The obverse design includes the initials of the designer Ian Rank-Broadley ‘IRB’. |
Consultation
No public consultation was undertaken in relation to the currency determination. The effect of this instrument is to determine the denomination, 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. 6) is to determine the denomination, 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 paragraph 13(2)(b) and subsection 13A (1) of the Currency Act 1965.
Overview
The Currency (Royal Australian Mint) Determination 2014 (No. 6) was enacted under the authority of the Currency Act 1965 to establish the specifications of coins to be produced by the Royal Australian Mint. This determination was made by the Parliamentary Secretary to the Treasurer, Steven Ciobo, and it provides detailed descriptions of the coins' denomination, characteristics, standard composition, weight, allowable variation from standard weight, design, and dimensions. The objective of this instrument is to ensure the Royal Australian Mint can continue to produce circulating and numismatic coins that meet the legal requirements set out in the Currency Act. This determination is a disallowable instrument as per the Legislative Instruments Act 2003, and it specifies the design and characteristics of commemorative coins for the 100 Years of ANZAC, featuring distinct counterstamps for Melbourne and Albany. The determination was made without public consultation, as the Mint typically considers public submissions and market interest in coin designs before finalising them.
Scope and Application
The Currency (Royal Australian Mint) Determination 2014 (No. 6) applies to the Royal Australian Mint and the coins it produces, specifically focusing on the denomination, weight, design, and dimension of the circulating and numismatic coins it issues. This determination is made under the authority granted by the Currency Act 1965, and it is intended to ensure that the coins comply with the specified standards. The Act applies at a Commonwealth level, meaning its provisions and the determinations made under it have national jurisdiction across Australia. There are no stated exclusions, exemptions, or specific thresholds in this determination, but the Act may extend or restrict its application through subordinate instruments, which are subject to parliamentary scrutiny and potential disallowance. The determination is designed to enable the Mint to continue producing coins that meet legal standards and to allow for the commemoration of significant events, such as the 100 Years of ANZAC, through specially designed coins.
Key Provisions
The Currency (Royal Australian Mint) Determination 2014 (No. 6), made under paragraph 13(2)(b) and subsection 13A (1) of the Currency Act 1965, specifies the details of two $1 coins that the Royal Australian Mint is to issue. Section 13(2)(b) and 13A (1) of the Currency Act require that the determination includes the denomination, composition, weight, design and dimensions of the coins, which are detailed in the explanatory statement. The determination specifies a copper, aluminium and nickel coin with a reverse design commemorating the 100 Years of ANZAC and counterstamps indicating Melbourne (M) and Albany (AL). The obverse of the coins features an effigy of Her Majesty Queen Elizabeth II, the inscriptions ‘ELIZABETH II’, ‘AUSTRALIA’ and the year of issue, along with the initials of the designer, Ian Rank-Broadley.
The determination imposes obligations on the Royal Australian Mint to produce coins that adhere to the specifications set out in the determination. This includes ensuring that the coins have the correct weight, composition, design and dimensions as outlined. The Mint is also responsible for ensuring that the coins are of good quality and fit for circulation. The Royal Australian Mint must follow its Coin Design Policy when selecting designs for coins and may use market-based tools to gauge interest in coin themes, though it did not undertake public consultation for this particular determination. The Mint's design policy ensures that coins reflect significant historical and cultural events, as seen in the Anzac Centenary theme of these coins.
Failure to comply with the specifications set out in the Currency (Royal Australian Mint) Determination 2014 (No. 6) may have legal consequences. While the determination itself does not specify penalties for non-compliance, the Currency Act 1965 contains provisions for offences related to the counterfeiting or unauthorised minting of coins. Offences under the Currency Act may result in both civil and criminal penalties. For example, under section 16 of the Currency Act, a person who knowingly possesses or deals with counterfeit currency may be subject to a fine of up to 10,000 penalty units or imprisonment for up to 10 years, or both. These penalties underscore the importance of adherence to the specifications detailed in the determination.