H.R. 10167
Common Cents Act
Sponsor: Lisa C. McClain
1 cosponsor
Official summary
Written by the Congressional Research Service.
Common Cents Act
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.
Text of the bill
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—
(A) reduces the cost incurred to produce such coin; and
(B) to the greatest extent practicable, has a minimal adverse impact on machines designed to accept coins.
; and
(4) by adding at the end the following:
(bb) Ceasing production 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.