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● TRACKER Updated 29d ago · 7 sources tracked

First the penny, now the nickel: Congress moves closer to making big changes with the money in your pocket

The US Senate has passed the 'Common Cents Act', which could lead to the elimination of the nickel coin and changes in how cash transactions are handled. The bill aims to allow for the rounding of cash transactions to the nearest dime. This move comes after the retirement of the penny. The legislation is intended to reduce the costs associated with producing and circulating coins.

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⚡ Key Developments & Real-Time Context
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  • ✓ The Senate has passed a bill that could change nickels and how cash transactions are handled.
  • ✓ The 'Common Cents Act' allows for the rounding of cash transactions to the nearest dime.
  • ✓ The US has recently retired the penny.
🛡️ Source Corroboration: 7 independent reporting domains (85% confidence) ⏱ Read time: ~2 min

What changed

The US Senate's passage of the 'Common Cents Act' marks a significant step towards potentially phasing out the nickel coin.

Live updates

  1. US Senate passes bill to phase out the nickel

    The US Senate has passed the 'Common Cents Act', which could lead to the elimination of the nickel coin and changes in how cash transactions are handled. The bill aims to allow for the rounding of cash transactions to the nearest dime. This move comes after the retirement of the penny. The legislation is intended to reduce the costs associated with producing and circulating coins.

    Why it matters

    The US has been gradually making changes to its currency system. The penny was recently retired, and now the nickel is in focus. The 'Common Cents Act' is part of a broader effort to modernize the US currency system and reduce costs. The bill's impact on consumers and businesses is being closely watched.

    What is confirmed

    • The Senate has passed a bill that could change nickels and how cash transactions are handled.
    • The 'Common Cents Act' allows for the rounding of cash transactions to the nearest dime.
    • The US has recently retired the penny.

    Still unconfirmed

    • Walmart shoppers could be charged more at checkout under the '3-4-8-9' rule.

    What to watch next

    • The bill's progress in the House of Representatives
    • The impact of the 'Common Cents Act' on consumers and businesses
    • The Treasury Department's response to the bill
    Sources used for this update (8)
    1. The Hill — Senate passes bill that could change nickels and how you pay with cash
    2. Holland & Knight — States Respond to Penny Pinching with Rounding Legislation
    3. The Independent — First the penny, now the nickel: Congress moves closer to making big changes with the money in your pocket
    4. the-sun.com — Walmart shoppers could be charged more at checkout under ‘3-4-8-9’ rule
    5. Deli Market News — NGA Supports Senate Passage of Common Cents Act; Stephanie Johnson Comments
    6. the-sun.com — Shoppers inch closer to paying more at checkouts with new 'cash' bill
    7. independent.co.uk — Fears for the nickel as Senate passes ‘Common Cents Act’ after penny retirement
    8. The Herald Journal — Currency switcheroo
    confidence 85%
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