Common Cents Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Overview
This bill, the Common Cents Act, proposes to eliminate the production and distribution of the one-cent coin. It also mandates that cash transactions be rounded up or down to the nearest 5 cents. The bill ensures that existing coins remain legal tender while establishing a mechanism for selling any remaining pennies to cover production costs.
Key provisions
- The Secretary of the Treasury will cease minting one-cent coins within one year of the bill’s enactment.
- Remaining pennies will be sold to collectors to cover production costs.
- Cash transactions will be rounded up or down to the nearest 5 cents.
- Rounding rules apply to payments involving legal tender.
- Transactions totaling $0.01 or $0.02 will be rounded up to $0.05.
- Rounding does not apply to payments made by electronic means or other instruments.
- Existing coins remain legal tender.
- The Secretary of the Treasury will determine production costs for numismatic coins.
Who is affected
- Consumers
- Businesses (retail and service)
- The United States Mint
- Numismatic collectors
- The U.S. Treasury Department
Notable changes
- Elimination of the one-cent coin.
- Mandatory rounding of cash transactions.
Bill text
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Sponsors
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4 on record
Primary sponsor
Cosponsors
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