WASHINGTON – Today, Representatives Lisa McClain (R-Mich.) and Robert Garcia (D-Calif.), alongside Senators Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.), introduced bipartisan legislation to end the production of pennies.
The legislation, the Common Cents Act, would eliminate wasteful government spending and update the U.S. currency system to match reality. It proposes rounding cash transactions to the nearest five cents, which is already a common practice in several other countries with similar currency reforms.
“Pennies are a waste of taxpayer dollars. It doesn’t make sense to spend millions each year minting coins that so few people actually use. President Trump’s common-sense idea should become law. We are taking a decisive step toward fiscal responsibility and updating our currency for the 21st century,” McClain said.
“It doesn’t make sense to continue producing the penny, which costs three times more than it's worth to create and distribute,” Garcia said. “As the cost of living continues to rise and with more folks tapping their phones or cards for payment, we shouldn’t be pouring millions of taxpayer dollars into a coin that is rarely used. By halting production, we would actually cut waste and boost efficiency in a common-sense way.”
“I agree with President Trump that the time has come to fully end production of the penny and save American taxpayers money,” Lummis said. “The fiscal reality is undeniable: the U.S. Mint spends three cents to produce each one-cent coin. With a $36 trillion national debt, we have to implement meaningful opportunities to reduce costs, update our currency system, and codify the elimination of government inefficiencies. It just makes cents!”
“The penny is outdated and inefficient and no longer serves the needs of our economy,” Gillibrand said. “By suspending its production, we can reduce government spending, streamline transactions, and move toward a more practical financial system. It’s time to invest in a future that works for the 21st century economy, and that starts with suspending production of the penny.”
Click here for the full text of the bill.
Background:
According to a report from the Treasury Department, it cost nearly four cents to mint and distribute a single penny during FY24.
