Bill > S1525

This bill, known as the "Common Cents Act," proposes two major changes to U.S. currency and cash transactions. First, it directs the Secretary of the Treasury to stop minting one-cent coins (pennies) within one year of the act's enactment, with an exception that allows continued penny production solely to meet the needs of coin collectors. These collector pennies must be sold at a price that covers their total production costs. Despite the cessation of general penny production, all existing coins will remain legal tender for all debts and transactions. Second, the bill establishes a cash transaction rounding system for transactions involving physical currency, where amounts ending in 1, 2, 6, or 7 cents would be rounded down to the nearest 5 cents, and amounts ending in 3, 4, 8, or 9 cents would be rounded up to the nearest 5 cents. This rounding applies only to cash payments and excludes transactions using electronic payment methods, checks, credit cards, or other non-cash payment instruments. The transaction rounding provisions would take effect one year after the act's enactment, giving businesses and consumers time to adapt to the new system.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/1525/all-info