Explanatory Statement
Currency Act 1965
Currency (Royal Australian Mint) Determination (No. 7) 2018
Under paragraph 13(2)(b) and subsection 13A(1) of the Currency Act 1965, the Assistant Minister for Treasury and Finance has made a determination regarding the specification of a coin 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 coin’s 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 | $100 Gold Coin – Bottlenose Dolphin Reverse A circular border enclosing a representation of a sunrise above a body of water. In the foreground there is a representation of a bottlenose dolphin. The design includes the inscriptions ‘BOTTLENOSE DOLPHIN’, ‘1 oz .9999’ and ‘FINE GOLD’. 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’ and the inscription, in numerals, of a year. The obverse design includes the initials of the designer Ian Rank-Broadley ‘IRB’ and ‘. 100 DOLLARS .’. |
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 the coin 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. 7) 2018 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 Assistant Minister for Treasury and Finance, in accordance with paragraph 13(2)(b) and subsection 13A(1) of the Currency Act 1965.
Overview
The Currency (Royal Australian Mint) Determination (No. 7) 2018 was enacted to specify the details of a coin proposed to be issued by the Royal Australian Mint under the Currency Act 1965. This instrument, developed by the Assistant Minister for Treasury and Finance, is intended to provide the necessary information for the Royal Australian Mint to proceed with the production of both circulating and numismatic coins. It includes the denomination, weight, design, and dimensions of the coin, ensuring compliance with the requirements set out in the Currency Act. This determination does not involve any human rights issues, as it has been found to be compatible with the human rights and freedoms recognised in the international instruments listed in the Human Rights (Parliamentary Scrutiny) Act 2011. The determination came into effect on the day after it was registered.
Scope and Application
The Currency (Royal Australian Mint) Determination (No. 7) 2018, made under the Currency Act 1965, applies to the specification of a coin proposed for issuance by the Royal Australian Mint. Specifically, it mandates the details of the coin's denomination, characteristics such as standard composition, weight, allowable variation, design, and dimensions. The act applies to the entities involved in the minting process, including the Royal Australian Mint, and concerns the production of circulating and numismatic coins. The geographic reach of this determination is national, as it pertains to the currency used across Australia. The determination does not specify any exclusions or exemptions but outlines the strict parameters that the coins must adhere to. The Assistant Minister for Treasury and Finance has the authority to extend or restrict the application of this determination through subordinate instruments, ensuring that the coins meet the required standards and specifications.
Key Provisions
The Currency (Royal Australian Mint) Determination (No. 7) 2018 under the Currency Act 1965 specifies the characteristics of a proposed coin, the $100 Gold Coin – Bottlenose Dolphin (Section 1). This coin features a reverse design depicting a sunrise above a body of water with a bottlenose dolphin in the foreground, along with inscriptions detailing its precious metal content and fineness (Section 2(1)). On the obverse side, there is an effigy of Her Majesty Queen Elizabeth II, accompanied by inscriptions of her name, the country, and the year, alongside the designer's initials and the coin's denomination (Section 2(2)). The coin is composed of fine gold, weighing one troy ounce with a .9999 fineness, and has specific dimensions and tolerances as detailed in the determination (Section 2(3)-(5)).
The obligations imposed by this determination on the Royal Australian Mint include adherence to the specified coin characteristics, such as weight, design, and dimensions (Section 2). The Mint is required to ensure that the coin meets the legal standards set forth in the Currency Act 1965, including the precision of weight and the quality of the metal. Furthermore, the Mint must ensure the coin's design aligns with the approved specifications, which includes the mandatory inscriptions and artistic elements as described (Section 2).
While the determination itself does not outline specific offences or penalties for non-compliance, the Currency Act 1965 provides a framework for addressing breaches. Offences under this Act could include the production of coins that do not meet the legal standards, which may result in criminal charges. The penalties for such offences can include fines and imprisonment, although the exact penalties are not detailed in the Currency (Royal Australian Mint) Determination (No. 7) 2018. The overarching legal framework provides for stringent enforcement to ensure compliance with the standards set for Australian currency.