U.S. House of Representatives passed H.R. 3074, the bipartisan Common Cents Act, legislation that modernizes the nation’s coinage system by formally suspending production of the penny while taking critical steps to preserve the future of cash transactions through a lower-cost five-cent coin.
The legislation maintains the penny as legal tender, allowing Americans to continue using existing pennies in everyday commerce. It also gives merchants the option to round the final total of cash transactions to the nearest nickel, while preserving exact pricing for electronic payments. Read more here.