Commonwealth Numbered Regulations - Explanatory Statements

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CURRENCY REGULATIONS (AMENDMENT) 1992 NO. 73

Statutory Rules 1992 No. 73

Issued by Authority of the Treasurer

Currency Act 1965

Currency Regulations (Amendment)

Subsections 13(2) and 13(3) of the Currency Act 1965 (the Act) provide for more than one standard composition to be prescribed for each coin denomination specified in the Schedule to the Act. Paragraph 14(2)(b) of the Act provides that a coin to be made and issued by the Treasurer shall be of the standard weight, design and dimensions as prescribed in relation to that coin.

Under the bullion coin agreements, the Commonwealth has authorized Gold Corporation (GoldCorp), a statutory authority of the Western Australian Government, to produce legal tender precious metal coins. The 1992 Large Proof coin series (i.e. larger than one ounce) is to comprise three coins, weighing two ounces, ten ounces and one kilogram. The 1992 Proof series comprises a one ounce coin, and the Bullion series also comprises a one ounce coin. GoldCorp plans to issue the 1992 Large Proof and Proof Kookaburra, in mid-May 1992.

The Australian Kookaburra silver coins is featuring a Kookaburra perched on a tree limb on the reverse side. This design was approved by the Treasurer on 21 February 1992. The coins in this issue (1oz, 2oz, l0oz and 1 kilogram) will be legal tender to the values of $1, $2, $10 and $30 respectively.

The amendment to Regulation 4 of the Currency Regulations allows for the design of the 1991 series to be validated under the same regulations as the 1992 series. Regulation 4 is also amended to specify the design of the two and ten ounce and one kilogram version of the coin.

The proposed Regulations are taken to have commenced on 1 June 1991, as the description of the coins should be prescribed in the regulations before they are released. The proposed Regulations will make the 1991 Kookaburra coins legal tender.