Common Cents Act

Nearly three months after President Donald Trump directed the U.S. Treasury to halt penny production, bipartisan lawmakers have introduced the Common Cents Act. Introduced by Representatives Lisa McClain (R-Michigan) and Robert Garcia (D-California), the bill proposes to eliminate the U.S. cent and round all cash transactions to the nearest five cents. Electronic payments would remain unaffected. Supporters argue the move would reduce government waste and align the U.S. with other countries that have already phased out low-value coins. The U.S. Mint reported losing $85.3 million on cent production in 2024, with each cent costing nearly four cents to make. If passed, the bill would go take effect a year after it is enacted.