“A penny for your thoughts” is a quaint saying from days gone by, but it’s likely to disappear permanently from the American lexicon in the coming years.
The U.S. House moved Monday to formally end production of the penny for everyday circulation, passing bipartisan legislation that would also establish nationwide rules for rounding cash transactions to the nearest nickel.
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The House approved the Common Cents Act, H.R. 10167, by voice vote under suspension of the rules, a procedure generally reserved for legislation with broad bipartisan support.
Because there was no recorded roll-call vote, individual members’ positions were not formally tallied.
The legislation was introduced by House Republican Conference Chair Lisa McClain of Michigan and Democratic Rep. Robert Garcia of California.
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It would direct the Treasury Department to permanently stop producing one-cent coins for general circulation while still allowing the U.S. Mint to make limited quantities for collectors.
The practical end of circulating penny production has already occurred.
The U.S. Mint struck its final circulating penny on Nov. 12, 2025, ending a 232-year production run. The Mint said producing each penny had risen to 3.69 cents, and eliminating circulating production was expected to save roughly $56 million annually.
“Today the Mint celebrates 232 years of penny manufacturing,” said Kristie McNally, Acting Mint Director, said at the time. “While general production concludes today, the penny’s legacy lives on. As its usage in commerce continues to evolve, its significance in America’s story will endure.”
The new legislation would codify that decision in federal law. Existing pennies would not disappear or become worthless, remaining legal tender.
The bill explicitly states that every penny already issued would remain legal tender for debts, taxes and other payments. The Mint estimates that roughly 300 billion pennies remain in circulation.
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The legislation also addresses a practical problem created by the shrinking penny supply: how businesses handle cash transactions that do not end in a multiple of five cents.
Under the bill, businesses could round cash totals when exact change cannot be provided.
Amounts ending in 1, 2, 6 or 7 cents could be rounded down to the nearest nickel, while totals ending in 3, 4, 8 or 9 cents could be rounded up.
Transactions already ending in zero or five cents would remain unchanged.
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The rounding rules would apply only to cash.
Credit cards, debit cards, checks, electronic transfers, gift cards and similar payment methods would continue to be processed to the exact cent.
The legislation also makes clear that businesses would not be required to round transactions if they can provide exact change.
Another provision would allow Treasury to change the composition of the nickel in an effort to reduce production costs.
The current five-cent coin is made from 75% copper and 25% nickel. The bill would permit Treasury to test a coin with a zinc inner layer and nickel outer layer if officials determine that the change would cost less and cause minimal problems for vending machines and other coin-processing equipment.
The legislation would also require the Federal Reserve to develop a strategy for handling the remaining supply of pennies and report on potential effects of rounding on low-income Americans, older consumers and people who lack traditional banking services.
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Congress has been working on the issue for months.
The House passed an earlier version of the Common Cents Act in July, while the Senate approved its own version, S. 1525, by unanimous consent on Aug. 7.
Monday’s action involved the newer H.R. 10167, meaning the legislation is not yet law. The House and Senate must ultimately approve identical language before the measure can be sent to President Donald Trump for his signature.
Regardless of what happens next in Congress, the era of newly minted pennies in everyday commerce has effectively already ended.
The remaining question is how the country manages the hundreds of billions already in circulation — and how retailers handle cash transactions as those coins gradually become less available.
This article may contain commentary which reflects the author’s opinion.
