Explanatory Statement
Currency Act 1965
Currency (Royal Australian Mint) Determination 2015 (No. 3)
Under paragraph 13(2)(b) and subsection 13A (1) of the Currency Act 1965, the Parliamentary Secretary to the Treasurer, Kelly O’Dwyer, 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 ‘P’ Privy Mark Coin – Mob of Roos Reverse A stylised representation of 5 kangaroos and a representation of a square enclosing the letter ‘P’, denoting Perth. The design includes the inscription ‘1 DOLLAR’. 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 ‘S’ Privy Mark Coin – Mob of Roos Reverse A stylised representation of 5 kangaroos and a representation of a square enclosing the letter ‘S’, denoting Sydney. The design includes the inscription ‘1 DOLLAR’. 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 3 | $1 Copper, Aluminium and Nickel ‘B’ Privy Mark Coin – Mob of Roos Reverse A stylised representation of 5 kangaroos and a representation of a square enclosing the letter ‘B’, denoting Brisbane. The design includes the inscription ‘1 DOLLAR’. 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 4 | $1 Copper, Aluminium and Nickel ‘M’ Privy Mark Coin – Mob of Roos Reverse A stylised representation of 5 kangaroos and a representation of a square enclosing the letter ‘M’, denoting Melbourne. The design includes the inscription ‘1 DOLLAR’. 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 2015 (No. 3) 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, Kelly O’Dwyer, 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. 3) was enacted to specify the denomination, weight, design, and dimension of coins proposed to be issued by the Royal Australian Mint. This determination was made by the Parliamentary Secretary to the Treasurer, Kelly O’Dwyer, under the authority granted by paragraph 13(2)(b) and subsection 13A(1) of the Currency Act 1965. The Currency Act 1965 provides the legislative framework for the regulation of currency and coinage in Australia, and this determination ensures that the coins meet the necessary specifications for their production. The determination aims to facilitate the Mint’s continued production of circulating and numismatic coins, reflecting Australia’s cultural heritage and supporting its economic needs. Although no public consultation was conducted, the Mint follows its Coin Design Policy and utilises market-based tools to identify themes and gauge interest, ensuring the coins remain relevant and appealing to the public.
Scope and Application
The Currency (Royal Australian Mint) Determination 2015 (No. 3) applies specifically to the Royal Australian Mint and its issuance of circulating and numismatic coins, as mandated under the Currency Act 1965. This legislation is an instrument that provides detailed specifications for the coins, including their denomination, weight, design, and dimensions. It applies to the coins produced by the Royal Australian Mint, which is a Commonwealth entity, and thus has a national reach in Australia. The determination sets out the required characteristics for each coin, such as the denomination of one dollar, the materials used, and the specific design elements on both the obverse and reverse sides. The coins outlined in this determination feature an effigy of Her Majesty Queen Elizabeth II on the obverse and various stylised representations of kangaroos on the reverse, each marked with a privy mark denoting one of four Australian cities. The determination does not include any exclusions or exemptions and is effective from the day it is registered. While the determination itself does not extend its application through subordinate instruments, the Currency Act 1965 may be supplemented by further determinations or legislative amendments.
Key Provisions
The Currency (Royal Australian Mint) Determination 2015 (No. 3) specifies the denomination, weight, design, and dimension of circulating and numismatic coins that the Royal Australian Mint is to produce. The determination includes four coins, each with a denomination of $1 and featuring a reverse design of a stylised representation of five kangaroos and a square enclosing a letter representing one of four mints: Perth ('P'), Sydney ('S'), Brisbane ('B'), and Melbourne ('M'). The obverse side of each coin features an effigy of Her Majesty Queen Elizabeth II, the inscriptions 'ELIZABETH II', 'AUSTRALIA', and the year in numerals, along with the initials of the designer Ian Rank-Broadley ('IRB'). These specifications are set out in accordance with the requirements of paragraphs 13(2)(b) and subsection 13A(1) of the Currency Act 1965.
The Currency (Royal Australian Mint) Determination 2015 (No. 3) imposes several obligations on the Royal Australian Mint. Firstly, it mandates the production of coins with the specified denomination, weight, design, and dimension. This includes ensuring that the coins have the correct alloy composition, allowable weight variation, and physical dimensions as outlined in the determination. Additionally, the Mint must adhere to the design elements specified, such as the reverse and obverse designs, inscriptions, and privy marks. The Mint is also required to ensure that the coins meet the standards for legal tender as prescribed by the Currency Act 1965.
Any breaches of the Currency (Royal Australian Mint) Determination 2015 (No. 3) may result in various consequences, although the determination itself does not explicitly outline specific penalties. Under the Currency Act 1965, producing or issuing coins that do not comply with the Act's provisions can lead to criminal penalties, including fines and imprisonment. The severity of these penalties can vary depending on the nature and extent of the non-compliance. Additionally, any failure to comply with the specifications set by the determination could result in the coins not being accepted as legal tender, which would have significant commercial and legal implications for those attempting to use non-compliant coins in transactions.