In short
This law allows the Minister for Finance to issue new types of coins, including those denominated in European currency units and a one-pound coin, and amends previous Decimal Currency Acts.
What it regulates
- The provision and issue of coins denominated in European currency units.
- The provision of copper coins containing other metals.
- The standard weight, composition, and remedy for certain coins.
- The dimensions and design of certain coins.
Who it concerns
- The Minister for Finance.
- The Central Bank.
- The public, regarding the sale and legal tender status of certain coins.
Key points
- The Minister can provide coins in European currency units with determined designs, dimensions, weights, and metal composition.
- Coins issued in European currency units are not legal tender for payment and their holder cannot demand their denoted value.
- The Minister can provide copper coins with a core of other metals, which must meet prescribed standard weight and composition.
- A one-pound cupro-nickel coin is specified with a weight of 10.00000, composed of 75 per cent. copper and 25 per cent. nickel, with a remedy of 2 per cent.
đ Legal text
Decimal Currency Act, 1990
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1990
Decimal Currency Act, 1990
Decimal Currency Act, 1990
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Number 2 of 1990
DECIMAL CURRENCY ACT, 1990
ARRANGEMENT OF SECTIONS
Section
1.
âPrincipal Actâ.
2.
Provision and issue by Minister of coins denominated in European currency units.
3.
Amendment of Principal Act.
4.
Short title and construction.
Acts Referred to
Copyright Act, 1963
1963, No. 10
Decimal Currency Act, 1969
1969, No. 23
Decimal Currency Acts, 1969 to 1989
Number 2 of 1990
DECIMAL CURRENCY ACT, 1990
AN ACT TO PROVIDE FOR THE ISSUE BY THE MINISTER FOR FINANCE OF COINS OF A DENOMINATION OF ONE POUND AND COINS DENOMINATED IN EUROPEAN CURRENCY UNITS, TO AMEND THE DECIMAL CURRENCY ACTS, 1969 TO 1989, AND TO PROVIDE FOR CONNECTED MATTERS. [20th March, 1990]
BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:
âPrincipal Actâ.
1.âIn this Act âthe Principal Actâ means the
Decimal Currency Act, 1969
.
Provision and issue by Minister of coins denominated in European currency units.
2.â(1) The Minister may provide coins of such denominations in European currency units, of such designs, of such dimensions, of such weights and of such metal, or of such metals and composition, as he may determine.
(2) Coins provided under this section may be issued and put on sale to the public by the Minister through the Central Bank.
(3) The prices of coins put on sale under subsection (2) shall be determined by the Minister.
(4) A tender of a coin issued under this section shall not be legal tender for the payment of any amount and a holder of such a coin shall not be entitled to demand any value denoted thereon or the equivalent of that value in the currency of any state.
(5) Sections 6 and 13 of the Principal Act shall apply to coins provided under this section.
(6) Sections 7, 11 and 20 of the Principal Act shall apply to coins issued under this section.
(7)
Section 57
of the
Copyright Act, 1963
, shall apply to coins issued under this section.
Amendment of Principal Act.
3.âThe Principal Act is hereby amendedâ
(a) by the insertion of the following section after section 4:
âProvision of copper coins containing other metals.
4A.â(1) The Minister may, in addition to or in lieu of providing bronze coins of the several denominations authorised by section 3 of this Act, provide coins of those denominations consisting, in each case, of a core of metal or metals (other than copper) covered in copper.
(2) Every coin provided under this section shall be of the standard weight and standard composition prescribed by the Minister by regulations.
(3) There shall be allowed in respect of coins provided under this section the remedy (or variation from the standard weight and standard composition) prescribed by the Minister by regulations.
(4) A coin of any denomination provided under this section shall be of the same dimensions and design as the dimensions and design standing prescribed for the time being under section 3 (6) of this Act in respect of a coin of that denomination.
(5) Sections 5 and 6 of this Act shall apply to coins provided under this section and section 7 of this Act shall apply to every issue of coins so provided.â,
(b) in section 14, by the insertion in subsection (1) after âthis Actâ of âor the Decimal Currency Act, 1990,â, and
(c) in the First Schedule, by the insertion in the part headed âCupro-nickel Coinsâ of the following:
â
One pound
10.00000
75 per cent. copper, 25 per cent. nickel
0.0450
2 per cent.
â.
Short title and construction.
4.â(1) This Act may be cited as the Decimal Currency Act, 1990.
(2) The Decimal Currency Acts, 1969 to 1989, and this Act may be cited together as the Decimal Currency Acts, 1969 to 1990, and shall be construed together as one Act.
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