What it does
This Determination, the Currency (Royal Australian Mint) Determination 2009 (No. 4), is a statutory instrument made by the Assistant Treasurer, Nick Sherry, under paragraph 13(2)(a) and subsection 13A(1) of the Currency Act 1965 (see the instrument heading and s 4). It takes legal effect on the day after it is registered (s 2). Mechanically, the Determination performs two linked functions.
First, it alters the effect of the Currency Act 1965 in one discrete respect: from its commencement date the Act is to be read as if the Schedule to the Act, opposite the denomination “Ten dollars”, included the standard composition “At least 99.99% gold” (s 4). That is a textual addition to the Act’s Schedule by reference.
Second, and more substantively, the Determination sets out a suite of coin specifications in its own Schedule 1 (s 5). For the purposes of subsection 13A(1) of the Act, each item in Schedule 1 specifies the coin’s standard weight, the allowable variation from that standard weight, the coin’s dimensions, and the coin’s design (s 5(a)-(d)). Schedule 1 therefore operates as the detailed technical specification for a set of coins by denomination and declared standard composition. The Determination also expressly provides that the Schedule 1 specifications do not affect any other determination of coin specifications (s 6).
Schedule 1 lists seven items covering multiple denominations and designs. Those items include coins of silver composition “At least 99.9% silver” ($5 and $1 issues) and gold composition “At least 99.99% gold” ($10 and $25 issues). The Schedule records precise standard weights and allowable tolerances, maximum diameters and thicknesses, shape, edge treatment, and full obverse and reverse inscriptions and motifs for each item (Schedule 1, items 1-7). The obverse inscriptions repeatedly require an effigy of Queen Elizabeth II with the initials “IRB” and specified surrounding inscriptions. Reverse inscriptions specify denomination wording, metal fineness marks in some cases, and designer initials such as “WP”.