COINAGE.
No. 6 of 1909.
An Act relating to Currency, Coinage, and Legal Tender.
[Assented to 4th September, 1909.]
BE it enacted by the King’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—
Short title.
1. This Act may be cited as the Coinage Act 1909.
Definitions.
2. In this Act, unless the contrary intention appears—
“British coins” means coins which have been issued in accordance with the laws of the United Kingdom, and which have not been called in in pursuance of those laws:
“Australian coins” means coins which have been issued in accordance with this Act, and which have not been called in in pursuance of this Act.
Standard weight and fineness of coins.
3. The standard weight and standard fineness of the gold, silver and bronze coins of the denominations mentioned in the Schedule are as specified in the Schedule.
Treasurer may issue silver and bronze coins.
Cf. 33-4 Vic. c. 10 s. 3.
4.—(1.) The Treasurer may cause to be made and issued silver and bronze coins of the denominations specified in the Schedule.
(2.) All silver and bronze coins to be so made and issued shall be of the weight and fineness specified in the Schedule.
(3.) In the making of silver and bronze coins, a remedy (or variation from the standard weight and fineness specified in the Schedule) shall be allowed of an amount not exceeding the amount specified in the Schedule.
(4.) The Treasurer may cause to be made and issued nickel coins of the denominations, weight, and fineness specified in any proclamation under this Act.
Legal tender
Cf. ib. s. 4.
5.—(1.) A tender of payment of money, if made in coins which are British coins or Australian coins of current weight, shall be a legal tender—
(a) in the case of gold coins, for the payment of any amount:
(b) in the case of silver coins, for the payment of an amount not exceeding Forty shillings, but for no greater amount: and
(c) in the case of bronze coins, for the payment of an amount not exceeding One shilling, but for no greater amount.
(2.) A coin shall be deemed to be not of current weight if it has become diminished in weight by wear or otherwise—
(a) in case it is a British coin, so as to be of less weight than the weight specified as the least current weight in the law of the United Kingdom applicable to the coin, and
(b) in case it is an Australian coin, so as to be of less weight than the weight specified as the least current weight in any proclamation under this Act.
Prohibition of other than official coins.
Cf. 33–4 Vic. c. 10 s. 5.
6. No piece of gold, silver, copper, or bronze, or of any metal or mixed metal, of any value whatever (other than a British or Australian coin), shall be made or issued as a coin or as a token for money, or as purporting that the holder thereof is entitled to demand any value denoted thereon.
Penalty: Twenty pounds.
Contracts &c. to be made in currency.
Cf. ib. s. 6.
7. Every contract, sale, payment, bill, note, instrument, and security for money, and every transaction, dealing, matter, and thing whatever relating to money, or involving the payment of or the liability to pay any money, which is made, executed, or entered into, done or had, shall be made, executed, entered into, done and had according to the coins which are current and are a legal tender in pursuance of this Act, and not otherwise, unless the same be made, executed, entered into, done or had according to the currency of some British possession or some foreign State.
Powers of Governor-General.
Cf. ib. s. 11.
8.—(1.) The Governor-General may by proclamation do all or any of the following things, namely:—
(a) Determine the dimensions of and design for any Australian coin;
(b) Determine the denominations, weight, and fineness of any Australian nickel coin, and the amount of remedy allowance to be allowed in the making thereof;
(c) Diminish the amount of remedy allowed by the Schedule in the case of any Australian coin;
(d) Determine the least current weight of any Australian coin;
(e) Call in Australian coins of any date or denomination or any Australian coins coined before any date specified in the proclamation;
(f) Direct that any coins, other than silver or bronze, shall be current and be a legal tender for the payment of any amount not exceeding the amount specified in the proclamation and not exceeding Five shillings; and
(g) Revoke or alter any proclamation previously made.
(2.) Every proclamation under this section shall come into operation on a date therein specified and shall have effect as if it were enacted in this Act.
Utilizing of Trust Fund in purchase of bullion.
9. Moneys standing to the credit of the Trust Fund may be invested by the Treasurer in the purchase of bullion for coinage.
Coin to be deemed bullion until issued
10. For the purposes of the Treasury Accounts, coin made in pursuance of this Act shall be considered as bullion until issued for circulation.
Regulations.
11. The Governor-General may make regulations, not inconsistent with this Act, prescribing all matters and things which are necessary or convenient to be prescribed for giving effect to this Act.
