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CURRENCY REGULATION (AMENDMENT) 1991 NO. 307EXPLANATORY STATEMENT
STATUTORY RULES 1991 No. 307
Issued by Authority of the Treasurer
Currency Regulation (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 (by regulation) in relation to that coin.
The Royal Australian Mint's 1991 'Masterpieces in Silver' coin set is the fourth in an annual series which commenced in 1988. The year's release was approved by, the Parliamentary Secretary to the Treasurer on 7 February 1991. It features the eight circulating coin denominations (1¢ to $2). With the exception of the 50¢ coin, the reverse side features the standard circulating coin designs. The 50¢ coin design is a rendering of the original 1937 one shilling design of the merino ram by George Kruger Gray. This design was approved by the former Treasurer last year.
Consistent with all Australia's legal tender coinage, the traditional effigy of Her Majesty, Queen Elizabeth II appears on the obverse side of all these coins.
The amendments to regulation 7 and the Schedule of the Currency Regulations specify the characteristics of the 'Masterpieces in Silver' coins.