Explanatory Statement
Currency Act 1965
Currency (Royal Australian Mint) Determination 2015 (No. 7)
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 | 50c Copper and Nickel Coin – Longest Reigning Commonwealth Monarch Reverse A representation of a wreath including a representation of an orange, cinnamon, leaves and various flowers. In the centre, and superimposed on a part of the wreath, is a stylised representation of an ornate spoon, surrounded by an irregular shape. Superimposed on a part of the spoon is a representation of a crown and the inscriptions ‘EIIR’ and ‘50’. The design also includes the inscription ‘LONGEST REIGNING COMMONWEALTH MONARCH’. 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 and Item 3 | Two Coins $5 Silver Coin – Longest Reigning Commonwealth Monarch $100 Gold Coin – Longest Reigning Commonwealth Monarch Reverse A representation of a wreath including a representation of an orange, cinnamon, leaves and various flowers. In the centre, and superimposed on a part of the wreath, is a stylised representation of an ornate spoon, surrounded by an irregular shape. Superimposed on a part of the spoon is a representation of a crown and the inscription ‘EIIR’. The design also includes the inscription ‘LONGEST REIGNING COMMONWEALTH MONARCH’. 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 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. 7) 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. 7) was enacted to establish the specifications of coins proposed to be issued by the Royal Australian Mint, in line with the requirements of the Currency Act 1965. This determination, made by the Parliamentary Secretary to the Treasurer, Kelly O’Dwyer, under the authority conferred by the Act, outlines the denomination, weight, design and dimensions of the coins. The objective of this determination is to facilitate the Mint’s production of both circulating and numismatic coins, ensuring they meet the prescribed standards. Although no public consultation was undertaken, the Mint follows its Coin Design Policy and employs market-based tools to identify and gauge interest in coin themes. The determination is compatible with human rights as it does not engage any of the rights or freedoms outlined in the Human Rights (Parliamentary Scrutiny) Act 2011.
Scope and Application
The Currency (Royal Australian Mint) Determination 2015 (No. 7) pertains to the specifications of coins proposed for issuance by the Royal Australian Mint and is made pursuant to the Currency Act 1965. This determination applies to the Royal Australian Mint, which is responsible for producing circulating and numismatic coins within Australia. It provides detailed specifications for the coins’ denomination, composition, weight, design, and dimensions, ensuring they meet the legal requirements set forth in the Currency Act. The geographic reach of this determination is limited to Australia, as it applies to the production of coins within the nation's borders. There are no stated exclusions or exemptions, though the determination is a disallowable instrument under the Legislative Instruments Act 2003, meaning it can be subject to disallowance by either house of the Parliament. The application of this determination may be extended or further specified through subordinate instruments, although none are explicitly mentioned in the provided text.
Key Provisions
The Currency (Royal Australian Mint) Determination 2015 (No. 7) made under the Currency Act 1965 specifies the characteristics of certain coins proposed for issuance by the Royal Australian Mint. As stated in paragraphs 13(2)(b) and 13A(1) of the Currency Act 1965, this determination outlines the coins' denomination, composition, weight, allowable variation from standard weight, design, and dimensions. This includes a 50 cent copper and nickel coin (Item 1), a $5 silver coin (Item 2), and a $100 gold coin (Item 3), all commemorating the longest reigning Commonwealth monarch. The coins feature specific designs on both the obverse and reverse sides, such as representations of a wreath, a spoon, a crown, and inscriptions including 'EIIR' and 'LONGEST REIGNING COMMONWEALTH MONARCH'. The coins' obverse side also includes an effigy of Her Majesty Queen Elizabeth II and inscriptions such as 'ELIZABETH II', 'AUSTRALIA', and the year of minting, as well as the designer's initials 'IRB'.
The determination imposes several obligations on the Royal Australian Mint, including the production of coins with the specified characteristics and designs. It is also important to note that this determination was not subject to public consultation; instead, the Mint relies on its Coin Design Policy and market-based tools to identify themes and gauge interest. This approach allows the Mint to maintain its production of circulating and numismatic coins, ensuring that the coins meet the specifications outlined in the determination. The determination came into effect on the day after its registration, as stated in the commencement section.
Failure to comply with the specifications outlined in this determination could result in legal consequences. The Currency Act 1965 and the Currency (Royal Australian Mint) Determination 2015 (No. 7) do not explicitly state the penalties for non-compliance; however, penalties for breaches of the Currency Act 1965 can be severe. Under section 15 of the Currency Act 1965, any person who contravenes the Act or the regulations may be liable for a fine of up to 10,000 penalty units (currently AUD 1,700,000) for a corporation and up to 1,000 penalty units (currently AUD 170,000) for an individual, or imprisonment for up to five years, or both. Additionally, the determination is a disallowable instrument under section 42 of the Legislative Instruments Act 2003, meaning that Parliament can disallow the determination within a specified period. If disallowed, the determination would cease to have effect on the day it is disallowed or on a day specified in the disallowance resolution, whichever is later.