Currency (Royal Australian Mint) Determination (No. 5) 2016

Overview

The Currency (Royal Australian Mint) Determination (No. 5) 2016 was enacted by the Minister for Small Business under the authority of the Currency Act 1965. This legislation aims to address the need to specify the characteristics of coins proposed to be issued by the Royal Australian Mint, including their denomination, composition, weight, design, and dimensions. The determination provides detailed specifications for four distinct coins: a $2 coin commemorating "Lest We Forget," a 2c coin celebrating the Stuart Devlin Exhibition, a $1 coin marking the Year of the Rooster, and a 50c coin honouring Sir Jack Brabham. The determination specifies each coin's design, material composition, and inscriptions, ensuring they meet the requirements set out in the Currency Act 1965. The policy objective of this determination is to facilitate the continued production of circulating and numismatic coins by the Royal Australian Mint, maintaining the integrity and recognition of Australian currency.

Scope and Application

The Currency (Royal Australian Mint) Determination (No. 5) 2016 applies to the Royal Australian Mint, an entity responsible for the production of circulating and numismatic coins in Australia. Under the Currency Act 1965, the Minister for Small Business has the authority to determine the specifications of coins to be issued by the Mint. This includes details such as denomination, composition, weight, design, and dimensions. The determination does not apply to private mints or coin collectors directly but sets the standards that the Royal Australian Mint must adhere to in its operations. The determination extends across the Commonwealth of Australia, ensuring uniformity in the production of coins throughout the nation. There are no specific exclusions or exemptions outlined in this determination, but it operates within the broader legislative framework established by the Currency Act 1965. The determination is a disallowable instrument, which means it can be reviewed and potentially disallowed by Parliament.

Key Provisions

The Currency (Royal Australian Mint) Determination (No. 5) 2016, made under the authority of the Currency Act 1965, specifies the details of coins proposed to be issued by the Royal Australian Mint. This includes the denomination, standard composition, standard weight, allowable variation from standard weight, design, and dimensions of the coins. Specifically, it details four coins: a 2-dollar coin made of aluminium bronze, a 2-cent coin made of copper, tin, and zinc, a 1-dollar coin made of silver, and a 50-cent coin made of copper and nickel. Each coin features distinct designs that reflect significant themes or figures in Australian history and culture, such as the "Lest We Forget" commemoration, the Stuart Devlin Exhibition, the Year of the Rooster, and Sir Jack Brabham's achievements in Formula One racing. The determination provides a comprehensive description of both the obverse and reverse designs of each coin, ensuring that they meet the legislative requirements. The Act imposes several obligations on the Royal Australian Mint. Firstly, it mandates that the Mint adhere to the specifications detailed in the determination, including the weight, composition, design, and dimensions of the coins. This ensures consistency and quality in the production of both circulating and numismatic coins. Secondly, the Mint is required to comply with the human rights considerations outlined in the Human Rights (Parliamentary Scrutiny) Act 2011, affirming that the determination does not contravene any human rights. Additionally, the Mint must continue to receive and consider public submissions on coin designs, in accordance with its Coin Design Policy. While the determination itself did not involve public consultation, the Mint employs market-based tools to identify interested parties and gauge interest in coin themes. Failure to comply with the provisions of this determination could result in various consequences. Although the determination itself does not specify explicit offences or penalties for non-compliance, breaches of the Currency Act 1965 could lead to legal repercussions. The Currency Act contains provisions that allow for criminal penalties, including fines and imprisonment, for offences such as counterfeiting or dealing in unauthorised coins. Furthermore, non-compliance with the specifications could result in civil liabilities, such as compensation for financial losses incurred due to the circulation of substandard coins. The severity of penalties would depend on the nature and extent of the breach, as well as any associated criminal or civil laws.