Common Cents Act

Bill: 119-hr-3074
Sponsor: full_name: Rep. McClain, Lisa C. [R-MI-9]
Introduced: 2025-04-29
Policy area: Finance and Financial Sector
Subjects: Consumer affairs

Currency

Monetary policy
Latest action: action_date: 2025-09-04
text: Placed on the Union Calendar, Calendar No. 192.

Summaries:

tv_txt: IB Union Calendar No. 192 119th CONGRESS 1st Session H. R. 3074 [Report No. 119–235] IN THE HOUSE OF REPRESENTATIVES April 29, 2025 Mrs. McClain (for herself and Mr. Garcia of California ) introduced the following bill; which was referred to the Committee on Financial Services September 4, 2025 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed Strike out all after the enacting clause and insert the part printed in italic For text of introduced bill, see copy of bill as introduced on April 29, 2025 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 five cents, and for other purposes.

1. Short title This Act may be cited as the Common Cents Act . 2. Specifications of 5-cent coins and elimination of one-cent coins Section 5112 of title 31, United States Code, is amended— (1) in subsection (a)— (A) in paragraph (5), by striking weighs 5 grams. and inserting the following: weighs— (A) 5 grams, with respect to such coin that is an alloy of copper and nickel; or (B) between 4 and 6 grams, with respect to such coin as described in subsection (c). ; and (B) in paragraph (6)— (i) by striking except as provided under subsection (c) of this section, ; and (ii) by striking and weighs 3.11 grams ; (2) in subsection (b)— (A) in the sixth sentence— (i) by inserting either before an alloy ; and (ii) by inserting or a composition described in subsection (c) before the period; (B) by inserting with respect to such coins that are an alloy of copper and nickel after nickel required ; and (C) by striking Except through zinc and inserting The one-cent coin is composed of copper and zinc ; (3) by amending subsection (c) to read as follows: (c) 5-cent coin (1) In general The 5-cent coin may be a coin with an inner layer of zinc and an outer layer of nickel. (2) Composition The Secretary may prescribe the composition of zinc and nickel in the 5-cent coin, subject to testing and evaluation that such composition reduces the cost incurred to produce such coin. ; and (4) by adding at the end the following: (bb) Elimination of one-cent coin (1) In general Notwithstanding any other provision of law, the Secretary shall cease production of one-cent coins for general circulation, but may continue to produce and issue one-cent coins for sale as numismatic items. (2) No effect on legal tender Any one-cent coin that is minted and issued on any date before the date of the enactment of this subsection shall remain legal tender for all debts, public charges, taxes, and dues. .

September 4, 2025 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed

tv_txt: I 119th CONGRESS 1st Session H. R. 3074 IN THE HOUSE OF REPRESENTATIVES April 29, 2025 Mrs. McClain (for herself and Mr. Garcia of California ) introduced the following bill; which was referred to the Committee on Financial Services 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 five cents, and for other purposes.

1. Short title This Act may be cited as the Common Cents Act . 2. Elimination of production of one-cent coin (a) Elimination Not later than 1 year after the date of enactment of this Act, except as provided in subsection (b) and notwithstanding any other provision of law (including section 5112(a)(6) of title 31, United States Code), the Secretary of the Treasury shall cease production of one-cent coins. (b) Exception (1) In General The Secretary of the Treasury shall continue to produce one-cent coins as appropriate solely to meet the needs of numismatic collectors of the one-cent coin. (2) Sale Any one-cent coin produced under this subsection shall be sold in accordance with section 5132(a) of title 31 United States Code, and any other provisions of law governing numismatic coins. (3) Net Receipts The net receipts from the sale of any one-cent coin produced under this subsection shall equal or exceed the total cost of production, including variable costs and the appropriate share of fixed costs of production, as determined by the Secretary of the Treasury. (c) No effect on legal tender All coins and currencies of the United States, regardless of when coined, printed, or issued, and including one-cent coins, shall continue to be legal tender for all debts, public and private, public charges, taxes, duties, and dues, in accordance with law. 3. Cash transaction rounding (a) In general Notwithstanding any other provision of law, any person selling goods or services in a cash transaction, entering into any other transaction that results in a payment or transfer of cash between the parties to the transaction, or paying cash wages to an employee as compensation, shall round the payment in the following manner: (1) Rounding down In any case in which the total transaction amount, including any taxes, ends with 1 cent, 2 cents, 6 cents, or 7 cents as the final digit, the amount of cents in the sum shall be rounded down to the nearest amount divisible by 5 for any person seeking to make payment with legal tender. (2) Rounding up In any case in which the total transaction amount, including any taxes, ends with 3 cents, 4 cents, 8 cents, or 9 cents as the final digit, the amount of cents in the sum shall be rounded up to the nearest amount divisible by 5 for any person seeking to make payment with legal tender. (b) Exception Subsection (a) shall not apply to— (1) transactions in which the total transaction amount, including any taxes, totals $0.01 or $0.02, where such transactions shall be rounded up to $.05 for any person seeking to make payment with legal tender; or (2) any transaction for which payment is made by any demand or negotiable instrument, electronic fund transfer, check, gift card, money order, credit card, or other like instrument or method. (c) Effective date This section shall take effect 1 year after the date of enactment of this Act.