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§ 460. “A State shall not Coin Money.”

Coinage is a prerogative of the Crown (see Note, § 177, supra). A State is forbidden to coin money; it cannot create a metal currency; it cannot give to metal any more than to paper the quality of money. The combined effect of this negation, coupled with the operation of sec. 51—xii., is that the coinage and legitimation of metal money, and in fact the regulation of the whole of the monetary system of the Commonwealth, is exclusively vested in the Federal Parliament, as against the States. That Parliament alone will be able to create money and regulate its value, as well as create paper money, and regulate its value. Its laws of course will only be operative within the Commonwealth, and may, in accordance with the usual practice, be reserved for Imperial consideration, in order to maintain the uniformity of coinage laws throughout the Empire.

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