Common Cents Act

The Common Cents Act would end the production of one-cent coins for general circulation while allowing them to remain legal tender, and it authorizes businesses to round cash transactions to the nearest five cents when exact change is unavailable. The bill also permits the redesign of the five-cent coin with a zinc core and nickel outer layer to reduce manufacturing costs, subject to tests ensuring compatibility with existing machines. Employers must round any cash payments to employees up to the nearest five-cent increment, while rounding in other transactions is optional for businesses but cannot violate minimum wage or overtime laws. Additionally, the Federal Reserve Board is required to submit a strategic plan and periodic reports to Congress on how to maintain stability in coin distribution systems during the transition away from pennies.