Common Cents Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill, the Common Cents Act, proposes to end the production of the one-cent coin, with an exception for numismatic collectors. It requires that cash transactions be rounded to the nearest five cents, either up or down, depending on the final digit of the transaction amount. The bill takes effect one year after it is enacted and maintains the legal tender status of all existing coins.
Key provisions
- The Secretary of the Treasury will cease producing one-cent coins, except for collectors.
- Cash transactions must be rounded to the nearest five cents.
- Transactions ending in 1, 2, 6, or 7 cents are rounded down.
- Transactions ending in 3, 4, 8, or 9 cents are rounded up.
- Transactions totaling $0.01 or $0.02 are rounded up to $0.05.
- The bill does not apply to payments made by instruments other than cash.
- Existing coins remain legal tender.
- The bill takes effect one year after enactment.
Who is affected
- Consumers
- Businesses
- Retailers
- The U.S. Treasury
- Numismatic collectors
Notable changes
- The elimination of the penny from circulation.
- Requirement to round cash transactions to the nearest five cents.
- Preservation of the penny's legal tender status.
Bill text
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Sponsors
Official sponsors from legislative records.
2 on record
Primary sponsor
Cosponsor
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