HB3074, titled the Common Cents Act, would direct the Secretary of the Treasury to stop minting one-cent coins for general circulation. It also authorizes the Treasury to continue producing pennies only as numismatic or collectible items. In addition, the bill amends federal coinage law to allow for a revised five-cent coin composition and to permit the Secretary to prescribe a lower-cost composition for nickels after testing and evaluation.
The bill further establishes a cash-rounding rule for transactions involving the elimination of the penny: cash amounts would be rounded up or down to the nearest five cents. The legislation specifies that pennies already minted before enactment would remain legal tender for all debts, public charges, taxes, and dues, so the measure affects future production and cash handling rather than invalidating existing coins.
Impact
The bill would amend section 5112 of title 31, United States Code, changing federal coinage specifications and Treasury authority over penny and nickel production. It would end general circulation production of one-cent coins, preserve existing pennies as legal tender, and allow the Treasury to adjust nickel composition to reduce production costs. The measure would also create a nationwide cash-rounding framework for transactions, affecting retailers, consumers, and cash-based payments while leaving electronic transactions unchanged.
Sentiment
The available context suggests generally favorable or pragmatic sentiment around the bill, with bipartisan sponsorship by Representatives McClain and Garcia and no recorded committee opposition or votes in the provided materials. The bill was reported with an amendment and placed on the Union Calendar, indicating it advanced through committee consideration without documented controversy in the supplied record.
Contention
The main points of potential contention are the elimination of the penny and the required rounding of cash transactions, which could raise concerns about pricing fairness, consumer impacts, and implementation for cash-heavy businesses. Another possible issue is the Treasury’s discretion to alter nickel composition, which may draw scrutiny from manufacturers, vending and coin-operated industries, and those concerned about coin durability or production standards. No specific objections or opposing arguments are included in the provided transcripts or vote history.
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