Explanatory Statement
Currency Act 1965
Currency (Royal Australian Mint) Determination 2015 (No. 1)
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 | $5 Silver Coin with Gold Plating – Australian Bravery Decoration Reverse A representation the Cross of Valour medal and clasp. Fanned stripes emanate from each limb of the cross. The design includes a circular border containing 4 representations of a Federation Star and the inscriptions ‘RICHARD JOYES’, ‘TIMOTHY BRITTEN’, ‘ALLAN SPARKES’, ‘VICTOR BOSCOE’ and ‘DARRELL TREE’. The design is finished in gold plating and also includes the inscriptions ‘FIVE DOLLARS’. Obverse The obverse design is finished in gold plating. The design features a stylised representation of the George Cross medal, clasp and ribbon. Below the cross is a circle enclosing an effigy of Queen Elizabeth II, the inscription, in numerals, of a year, the initials of the designer Ian Rank-Broadley ‘IRB’ and the inscriptions ‘ELIZABETH II’ and ‘AUSTRALIA’. Between each limb of the cross is a stylised representation of a laurel. The background contains 4 raised diagonal lines. The design also includes 4 diagonal lines and the inscriptions ‘LEON GOLDSWORTHY’, ‘GEORGE GOSSE’, ‘BENJAMIN HARDY’, ‘RICHARD RICHARDS’, ‘ERIC BAILEY’, ‘JOHN MOULD’, ‘ERROL EMANUEL’, ‘JONATHAN ROGERS’, ‘JACK CHALMERS’, ‘GEORGE TAYLOR’, ‘RAYMOND DONOGHUE’, ‘ROBERT KAVANAUGH’, ‘STANLEY GIBBS’, ‘MICHAEL PRATT’, ‘PATRICK TAYLOR’, ‘HORACE MADDEN’, ‘HUGH SYME’, ‘ARTHUR BAGOT’, ‘LIONEL MATTHEWS’, ‘FREDERICK MARCH’, ‘WILLIAM MCALONEY’ and ‘RALPH JONES’. |
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 2015 (No. 1) 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 2015 (No. 1), made under the Currency Act 1965, was enacted to provide detailed specifications for coins to be issued by the Royal Australian Mint. This determination was introduced to ensure that circulating and numismatic coins meet precise standards, including denomination, weight, design, and dimension. The determination, made by the Parliamentary Secretary to the Treasurer, Steven Ciobo, specifies the characteristics of a new $5 silver coin with gold plating commemorating Australian bravery, including detailed reverse and obverse designs. The Mint has its own policy for determining coin designs and has used market-based tools to identify themes of interest. This determination is a disallowable instrument under the Legislative Instruments Act 2003 and is compatible with human rights as it does not engage any applicable rights or freedoms.
Scope and Application
The Currency (Royal Australian Mint) Determination 2015 (No. 1) is an instrument made under the Currency Act 1965, specifically pursuant to paragraph 13(2)(b) and subsection 13A(1) of that Act. This determination is concerned with the specification of coins proposed to be issued by the Royal Australian Mint, including details such as denomination, characteristics, standard composition, standard weight, allowable variation from standard weight, design, and dimensions. The determination applies to the Royal Australian Mint as the entity responsible for producing circulating and numismatic coins, and it governs the physical and design specifications of these coins. While no public consultation was undertaken in relation to this particular determination, the Mint generally receives public submissions on coin designs and determines appropriate designs in accordance with its Coin Design Policy. The determination does not specify exclusions or exemptions but rather sets out the necessary details for the production of coins. The instrument is a disallowable legislative instrument under the Legislative Instruments Act 2003, and it is compatible with human rights as it does not engage any of the applicable rights or freedoms.
Key Provisions
The Currency (Royal Australian Mint) Determination 2015 (No. 1) establishes the specifications for coins proposed to be issued by the Royal Australian Mint under the authority conferred by the Currency Act 1965 (section 13(2)(b) and subsection 13A(1)). Specifically, this determination sets out the denomination, weight, design, and dimensions of the coins. For example, the $5 Silver Coin with Gold Plating – Australian Bravery Decoration has a reverse design featuring the Cross of Valour medal and a depiction of the Federation Star, while the obverse design includes a stylised George Cross medal and an effigy of Queen Elizabeth II (section 1).
This determination imposes obligations on the Royal Australian Mint to adhere to the specified design and technical characteristics for the coins it produces. The Mint must ensure that the coins meet the criteria for denomination, weight, design, and dimensions as outlined in the determination to maintain the integrity of the currency system (section 1).
Failure to comply with the specifications set out in the Currency (Royal Australian Mint) Determination 2015 (No. 1) could result in legal consequences, although the specific penalties are not detailed in the explanatory statement. The determination, however, serves to uphold the standards required for Australian currency and ensures that the coins produced are of the correct quality and design as mandated by the Currency Act 1965. The Mint is expected to follow these guidelines closely to avoid any legal repercussions or disruptions in the currency production process.