Explanatory Statement
Currency Act 1965
Currency (Royal Australian Mint) Determination (No. 3) 2017
Under paragraph 13(2)(b) and subsection 13A(1) of the Currency Act 1965, the Minister for Small Business 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. Each item in the table below explains a corresponding item in Part 1 of Schedule 1 to this determination.
Item 1 | 1c Copper, Tin and Zinc Coin – Possum Magic Reverse The design features a cartoon representation of a possum sitting and reading a book. That possum is the Hush character from the book “Possum Magic”. The design also includes the number “1”. 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 | 50c Copper and Nickel Coin – Year of the Dog Reverse In the background there is a representation of a mountainous landscape positioned above a curved line. In the foreground there is a representation of a dog sitting on a rock and facing right. The design includes the Chinese character pronounced ‘gou’ under the Pinyin system and meaning dog. The design also includes the initials of the designer Stevan Michael Stojanovic ‘SMS’ and the number ‘50’ 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 (No. 3) 2017 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 Minister for Small Business, in accordance with paragraph 13(2)(b) and subsection 13A(1) of the Currency Act 1965.
Overview
The Currency (Royal Australian Mint) Determination (No. 3) 2017 is an instrument made under the Currency Act 1965 by the Minister for Small Business. It specifies the details of coins proposed to be issued by the Royal Australian Mint, including their denomination, characteristics, weight, design and dimensions. The determination was introduced to fill a gap in the regulation of coin specifications, ensuring that the Mint has clear guidelines for the production of both circulating and numismatic coins. This determination does not require public consultation, and instead, the Mint uses its own Coin Design Policy to determine appropriate designs. The policy objective of this determination is to enable the Mint to continue its production of coins, while also providing the public with coins that have specific design and dimensional characteristics. The determination is compatible with human rights as it does not raise any human rights issues.
Scope and Application
The Currency (Royal Australian Mint) Determination (No. 3) 2017 applies to the Royal Australian Mint in its role of producing both circulating and numismatic coins. This determination is made under the authority of the Currency Act 1965, specifically referencing paragraph 13(2)(b) and subsection 13A(1). It outlines the specifications for the coins’ denomination, composition, weight, allowable variations, design, and dimensions. This instrument is applicable nationwide within Australia, affecting entities involved in the minting and circulation of coins. There are no stated exclusions, exemptions, or thresholds within the determination itself, but the Currency Act 1965 may provide further details on its scope and application. The determination becomes effective the day after it is registered, and while it does not engage with human rights issues, it is deemed compatible with the human rights and freedoms recognised in the international instruments listed in the Human Rights (Parliamentary Scrutiny) Act 2011.
Key Provisions
The Currency (Royal Australian Mint) Determination (No. 3) 2017 sets out the specifications for coins to be issued by the Royal Australian Mint, as mandated by the Currency Act 1965. The main sections (paragraph 13(2)(b) and subsection 13A(1)) of this determination detail the coins' denomination, composition, weight, allowable variations, design, and dimensions. For example, the determination specifies a 1 cent coin made from a mixture of copper, tin, and zinc, featuring a cartoon possum from the book "Possum Magic" on the reverse side, and an effigy of Queen Elizabeth II on the obverse, alongside inscriptions such as "ELIZABETH II" and "AUSTRALIA." Similarly, the 50 cent coin includes a design of a dog against a mountainous landscape on the reverse and the same royal effigy on the obverse.
Under this determination, the Royal Australian Mint is obligated to produce coins that conform to the specified standards for weight, composition, design, and dimensions. These coins must reflect the detailed descriptions provided in the determination, ensuring they meet the legal tender requirements for circulation and numismatic purposes. The Mint is also responsible for ensuring that the coins are produced in a manner that upholds the quality and integrity of Australian currency.
Breaching the specifications outlined in this determination could potentially lead to legal consequences. Although the determination itself does not explicitly state offences or penalties, non-compliance with the Currency Act 1965 could result in civil or criminal liabilities. For example, producing coins that do not meet the specified standards could be considered an offence under the Currency Act, which carries potential penalties including fines and imprisonment. The precise penalties would be determined in accordance with the broader provisions of the Currency Act and relevant criminal legislation.