The familiar phrase “a penny for your thoughts” could soon take on new meaning, as the 1-cent coin moves closer to becoming a relic of America’s past.
In a unanimous bipartisan vote Monday, the House of Representatives approved the Common Cents Act, a measure designed to formally phase out the nation’s smallest denomination of currency.
The legislation would prohibit the Treasury from producing additional pennies, except for collectible editions. It also creates a system for rounding cash purchases to the nearest nickel, removing the practical need for 1-cent coins in everyday transactions.
Cash wages would receive special treatment under the proposal: When a payment total cannot be divided evenly by 5 cents, employers would be required to round the amount up.
Pennies already in circulation would continue to be accepted as legal tender.
The US Mint halted penny production in November 2025, ending a 232-year run for the coin.
Still, congressional approval — and a signature from President Donald Trump — would make the change permanent and prevent a future administration from reviving regular penny production.
The push to eliminate the penny has been driven largely by cost. By 2025, producing the coin cost the government more than three times its face value.
Treasury officials said ending production would deliver immediate savings of roughly $56 million a year, according to a press release outlining the decision.
The Common Cents Act was spearheaded by House GOP Conference Chair Lisa McClain, a Michigan Republican, and Rep. Robert Garcia, a California Democrat and the ranking member of the House Oversight Committee.
It builds on a past bill McClain led in the House that also passed the Senate directing the federal government to stop minting the penny, but that legislation did not include language on rounding out cash payments.
An additional provision would allow the US Mint to produce nickels from cheaper material than they currently are made with.
Congress would also monitor any disruptions the new rule causes to Americans by directing the Treasury to examine its effect on low-income people, older consumers, debanked people, among other groups.
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