Pennies are one step closer to disappearing from piggy banks and jean pockets across the country, after the House passed the Comment Cents Act Tuesday, moving to formally end the production of pennies.
Rep. Lisa McClain, R-Mich., who sponsored the bill, said it “accomplishes one common sense goal: It stops the federal government from losing money on a coin that almost no one uses.”
Every penny produced by the U.S. Mint costs 3.69 cents, almost four times the coin’s value.
“Last year alone, that absurd math cost the American taxpayers more than $85 million,” McClain said when testifying in support of the legislation. “I think we can be a better steward of the taxpayers’ money with that.”
The U.S. Mint expects the change would save $56 million per year in costs covering production, transportation, labor time, banking overhead and storage.
“It’s time to modernize our currency policy and bring some common sense back to Washington,” McClain said.
A timeline of the penny’s goodbye
Tuesday’s progress is the product of many months’ worth of discussions on Capitol Hill. It was over a year ago that President Donald Trump announced the decision to cease penny production, an action that more Americans support than oppose, according to data released by YouGov.
“Let’s rip the waste out of our great nations budget, even if it’s a penny at a time,” Trump said on social media in February 2025.
Shortly after, penny production ceased under executive order.
The last penny was minted November 2025 in Philadelphia. A penny shortage and confusion for businesses, banks and retailers unsure of how to implement the change quickly ensued.
The Common Sense Act looks to end confusion by codifying the executive order ceasing penny production and providing formal rules for rounding in cash transactions.
A penny saved is still a penny earned
The Common Cents Act doesn’t mean Americans need to suddenly rush to their local bank and cash in their spare change. Under the bill’s provisions, the more than 100 billion pennies currently in circulation can still be used as legal currency.
“Every penny in your pocket, every penny in your piggy bank, in that jar on your counter stays as legal tender if it’s unused,” McClain said.
The price of what those pennies buy, however, might see a slight change — up or down — if consumers are paying with cash.
Rounding laws, which round cash transactions to the nearest 5 cents, are set to take effect between June 2026 and January 2027. Non-cash payments, including checks and credit cards, are not subject to rounding requirements.
If the bill is passed through the Senate and signed by Trump, its measures will fully take effect one year after the date of enactment.
The U.S. Mint will save a pretty penny — literally
The U.S. Mint will continue to mint pennies for one exception: collectors’ items.
These pennies will be minted not as currency, but as items to be curated as part of a numismatic set. Coins produced for historical and collector purposes will be minted in limited quantities at cost-covering prices.
5 fun facts about the Americas pennies
Fun fact 1: The typical lifespan of a penny is 30 years.
Fun fact 2: Melting pennies is illegal (with limited exceptions).
Fun fact 3: The first penny was produced in 1792. Instead of Abraham Lincoln, it featured a woman with flowing hair representing Liberty.
Fun fact 4: Pennies minted in 1942 were made of steel, since copper was needed to support World War II efforts
Fun fact 5: The “heads” and “tails” sides of coins are officially called the “obverse” and “reverse,” respectively.