Common Cents Act would impact pennies, nickels and cash transactions. It may soon become law
The Common Cents Act has cleared Congress and awaits President Trump's signature. The legislation ends the production of the penny after 234 years and introduces new rules for cash transactions. Under the act, cash totals will round to the nearest nickel, though card payments will remain exact. Existing pennies will remain valid for use. The bill received support from banks and restaurant operators, while retailers have reported shortages of the coin.
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- ✓ The Common Cents Act has passed through Congress and is awaiting a signature from President Trump.
- ✓ The legislation ends the production of the penny after 234 years.
- ✓ Cash transactions will round to the nearest nickel.
- ✓ Card payments will stay exact.
What changed
Congress passed the Common Cents Act on September 29 and sent the bill to the president.
Live updates
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Congress sends Common Cents Act to Trump to end penny production
The Common Cents Act has cleared Congress and awaits President Trump's signature. The legislation ends the production of the penny after 234 years and introduces new rules for cash transactions. Under the act, cash totals will round to the nearest nickel, though card payments will remain exact. Existing pennies will remain valid for use. The bill received support from banks and restaurant operators, while retailers have reported shortages of the coin.
Why it matters
The move addresses the fact that pennies cost more to produce than their face value. It shifts the United States toward a rounding system for physical currency to eliminate the smallest coin.
What is confirmed
- The Common Cents Act has passed through Congress and is awaiting a signature from President Trump.
- The legislation ends the production of the penny after 234 years.
- Cash transactions will round to the nearest nickel.
- Card payments will stay exact.
- Existing pennies will continue to be valid.
Still unconfirmed
- President Trump directed the Treasury Department to stop producing pennies because they cost more to make than they are worth.
- Retailers are seeing shortages of pennies.
What to watch next
- President Trump's signature or veto of the Common Cents Act
- Official Treasury Department implementation dates for the penny phaseout
confidence 95%Sources used for this update (14)
- The Hill — Common Cents Act would impact pennies, nickels and cash transactions. It may soon become law
- AP News — Congress votes to end production of the penny after 234 years, sending a bill to Trump
- Bloomberg Law News — Penny Rounding Bill Heads to Trump as Retailers See Shortages
- Texas Border Business — Congress Sends Common Cents Act to Trump as Businesses Adjust to Penny Phaseout
- American Banker — Senate sends penny bill supported by banks to Trump's desk
- Fort Wayne Business Weekly — Sept. 29: Common Cents Act clears Congress, delivers victory for restaurant operators
- FOX 9 Minneapolis-St. Paul — Bill to end minting pennies passes Senate, heads to Trump’s desk
- inc.com — America Is Killing the Penny. It Could Change the Most Powerful Number in Retail
- www.newsweek.com — New Bill Would Change How Shoppers Pay With Cash: What to Know
- bankingjournal.aba.com — Common Cents Act clears Senate | ABA Banking Journal
- moneyinstructor.com — Common Cents Act: New Cash Rounding Rules and Your Pennies
- shopappy.com — Common Cents Act passes: cash rounding to nearest nickel
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