Congress Targets 13-Cent Nickel After Moving to Eliminate the Penny
The Common Cents Act would let Treasury study cheaper nickel materials as the five-cent coin costs taxpayers 8 cents more to make.
- House GOP Conference Chair Lisa McClain introduced legislation allowing the Treasury to study cheaper materials for nickels, following the Senate's passage of the Common Cents Act, now awaiting President Donald Trump's signature.
- Addressing production costs, McClain argued, "If it costs 13 cents to make a five-cent coin, Washington should fix the problem instead of wasting more taxpayer money." The five-cent coin currently costs taxpayers eight cents more per coin.
- The Common Cents Act includes rounding procedures for cash transactions, requiring totals ending in one, two, six, or seven to be rounded down, while totals ending in three, four, eight, or nine are rounded up.
- While the Mint produced 3.2 billion pennies in 2024, support for ending nickel production entirely remains unclear, as lawmakers focus on cost-efficient manufacturing rather than total elimination.
- Digital payments and wire transfers remain unaffected by these rounding rules, though states like New Jersey have already begun preparing for a post-penny financial landscape.
16 Articles
16 Articles
Congress Ends Penny, Cuts Nickel Costs to Save Taxpayers
Congress is advancing reforms to stop minting pennies and cut the cost of nickels that lose taxpayers money on every coin, a common-sense fix Republicans say is long overdue. The Senate has passed the bipartisan Common Cents Act with unanimous consent, formally ending U.S. penny production after more than two centuries and giving the Treasury […]
The Penny Is Dead. Now Washington Is Coming For Another Coin
After moving to end penny production, lawmakers are urging the Trump administration to make nickels cheaper to produce, with each five-cent coin costing taxpayers 13 cents to make. Rep. Lisa McClain (R-MI), the House Republican Conference chairwoman, defended the proposal in comments published Wednesday by Fox News Digital. Her bipartisan Common Cents Act addresses both penny production and the nickel’s composition. Both chambers have passed leg…
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