H.R. 10167

Common Cents Act

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

Expand all
Sec. 7. Definitions Since introduced

In this Act:

(1) Covered committees. The term covered committees means—

(A) the Committee on Financial Services of the House of Representatives; and

(B) the Committee on Banking, Housing, and Urban Affairs of the Senate.

(2) Financial institution. The term financial institution means any person, other than an individual, the business of which is engaging in financial activities in section 4(k) of the Bank Holding Company Act of 1956 (12 U.S.C. 1843(k)).