Common Cents Act

What this does

The bill directs the Secretary of the Treasury to stop minting one-cent coins for general circulation, though the Treasury may still produce pennies for sale to collectors and pennies already minted stay legal tender. It permits, but does not require, cash transactions to be rounded to the nearest five cents, with set rules for which ending amounts round up and which round down. Rounding does not apply to payments made by card, check, or electronic transfer. The bill also lets the Treasury prescribe a cheaper metal composition for the five-cent coin and directs the Federal Reserve to report on keeping penny distribution stable during the transition.

Passed the House by voice vote

How we know · 8 sourced claims

The bill directs the Secretary of the Treasury to stop minting one-cent coins for general circulation.Source: Sec. 2 (new 31 U.S.C. 5112(bb)(1))
The Treasury may still produce pennies for sale to collectors as numismatic items.Source: Sec. 2 (new 31 U.S.C. 5112(bb)(1))
Pennies already minted before enactment remain legal tender.Source: Sec. 2 (new 31 U.S.C. 5112(bb)(2))
The bill permits, but does not require, cash transactions to be rounded to the nearest five cents.Source: Sec. 3(a) and Sec. 3(e)
Rounding does not apply to payments made by card, check, or electronic transfer.Source: Sec. 3(d)
The bill lets the Treasury prescribe a cheaper metal composition for the five-cent coin.Source: Sec. 2 (new 31 U.S.C. 5112(c)(2))
The bill directs the Federal Reserve to report on keeping penny distribution stable during the transition.Source: Sec. 5
It is a single-subject measure centered on retiring the one-cent coin.Source: Sec. 1 through Sec. 6

Read the bill on congress.gov ↗