The bill aims to amend the specifications of 5-cent coins and eliminate one-cent coins. Under the proposed changes, 5-cent coins would be made of an alloy of copper and nickel and would weigh 5 grams. The elimination of one-cent coins is a key feature of the bill, impacting the circulation and use of currency denominations. If enacted, this bill would directly affect the composition of 5-cent coins and the availability of one-cent coins in the United States.
Common Cents Act
This bill generally ends the production of the penny and requires rounding to the nearest amount divisible by five for the payment or transfer of cash.
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 takes effect one year after the date of enactment.
