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CURRENCY REGULATIONS (AMENDMENT) 1991 NO. 31EXPLANATORY STATEMENT
Statutory Rules 1991 No. 31
Issued by Authority of the Treasurer
Currency Regulations (Amendment)
Section 14(2)(b) of the Currency Act 1965 (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.
Under the bullion coin agreements, the Commonwealth has authorised Gold Corporation (GoldCorp), a statutory authority of the Western Australian Government, to produce legal tender precious metal coins. GoldCorp is planning to release, in March 1991, the Large Bullion Coin Series. The series is to comprise three coins (two ounces, ten ounces and one kilogram) in each of the precious metals, gold, silver and platinum.
Regulations validating the issue of the coins were made in December 1990. Subsequently, GoldCorp's initial production experience with the coins has shown that its estimates of their maximum thickness, on which the regulations made in December 1990 were based, require minor revisions of up to one millimetre.
The amendments also make two minor textual changes to the Currency Regulations.
The Regulations amend the schedule to the Currency Regulations to prescribe the maximum thickness of the coins, and make textual changes to regulations 4 and 7.