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EconomyS. 1525Comments

Common Cents Act

Official title: A bill to direct the Secretary of the Treasury to stop minting the penny, to require cash transactions to be rounded up or down to the nearest 5 cents, and for other purposes.

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Where the Bill Stands

  1. Introduced, done
  2. Committee, done
  3. Floor Vote, done
  4. Outcome, current stage

What This Bill Does

This bill ends the production of the penny for general circulation, requires rounding to an amount divisible by five for the payment or transfer of cash, and allows the nickel to be composed of different material.

The Department of the Treasury must stop producing the penny, except to meet collector needs. The penny shall continue to be legal tender.

Any person selling goods or services in a cash transaction, entering into other transfers of cash, or paying cash wages to an employee must round the payment up or down in accordance with the bill.

The bill also allows Treasury to discontinue the minting for circulation of any coin if Treasury follows procedures as outlined by the bill, including providing notice and a briefing to Congress.

The Federal Reserve Board must periodically report on a strategic plan for the acceptance of penny orders and deposits at commercial coin terminals that provide services under agreements with Federal Reserve banks.

Finally, the bill allows for a different material composition of the nickel. In addition to being made from an alloy of copper and nickel, the nickel may also be clad with an inner core of zinc and an outer layer of nickel.

Sponsors

Related Documents

Bill on Congress.govWeb Page ↗ (opens in a new tab)

Timeline

  1. SenateMessage on Senate action sent to the House.
  2. House floor actionsReceived in the House.
  3. SenateSenate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent.
  4. Library of CongressPassed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.
  5. Floor Vote
  6. Passed the Senate
  7. Library of CongressIntroduced in Senate
  8. SenateRead twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  9. Introduced
  10. Committee

Comments

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