S. 1525
The Common Cents Act is a proposed law that aims to stop the production of pennies and change how cash transactions are handled. If passed, the U.S. Treasury would stop making pennies for general use within a year, though they could still produce them for collectors, as long as the sales cover the production costs. Existing pennies would remain valid for all payments. For cash transactions, the total amount would be rounded to the nearest five cents: amounts ending in 1, 2, 6, or 7 cents would be rounded down, while those ending in 3, 4, 8, or 9 cents would be rounded up. This rounding rule would not apply to non-cash payments like credit cards or electronic transfers. The changes would take effect one year after the law is enacted.