Lawmakers Move to End the Penny and Move Cash to 5-Cent Rounding

The House unanimously passed the Common Cents Act to end minting the 1-cent coin (pennies would remain legal tender) and require rounding cash payments to the nearest nickel, with a wage-rounding provision. The bill, building on prior efforts, aims to save money as penny production has become expensive, projecting about $56 million in annual savings, and would raise Treasury oversight of any disruptions while assessing impacts on low-income and other affected groups; it would need the president’s signature to become law.