Common Cents Act
Summary
The Common Cents Act aims to eliminate the minting of pennies and mandate the rounding of cash transactions to the nearest five cents. It also allows for changes in the composition of the five-cent coin. The bill directs the Secretary of the Treasury to cease penny production for general circulation, while permitting continued minting for numismatic purposes.
Expected Effects
If enacted, the bill would remove pennies from general circulation, potentially simplifying cash transactions. The change in the composition of the five-cent coin could reduce production costs. The Act ensures existing pennies remain legal tender.
Potential Benefits
- Simplification of cash transactions by eliminating pennies.
- Potential cost savings in coin production due to changes in metal composition.
- Continued availability of pennies for collectors.
- Reduced time spent handling small change.
- Streamlined accounting for businesses.
Most Benefited Areas:
Potential Disadvantages
- Potential inconvenience for those accustomed to using pennies.
- Possible price adjustments by businesses to take advantage of rounding.
- Psychological resistance to the removal of a familiar currency unit.
- Potential impact on charities that rely on penny donations.
- Concerns about the fairness of rounding for low-income individuals.
Most Disadvantaged Areas:
Constitutional Alignment
The Common Cents Act appears to align with the constitutional power granted to Congress in Article I, Section 8, which includes the power to coin money and regulate its value. The act does not appear to infringe on any specific constitutional rights or freedoms. The elimination of the penny and modification of the nickel's composition fall within the scope of Congress's monetary authority.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).