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119-hr-1270119th CongressWALLET

To suspend the production of the penny and nickel, to require the Comptroller General of the United States to carry out a study on pennies and nickels, and for other purposes.

Sponsored By: Representative Schweikert, David [R-AZ-1]

Introduced

Summary

Pauses minting of the penny and the nickel for 10 years while preserving their legal-tender status and allowing limited collector-only coin production that must cover its costs.

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  • Families and cash users may face changes at checkout because the bill suspends circulation minting of one-cent and five-cent coins for a 10-year period. The law directs a study of how rounding cash purchases up or down to the nearest ten cents would affect buyers.
  • Retailers and businesses that handle cash could need new practices for making change or pricing when small-denomination coins are unavailable. The GAO study will examine rounding effects on transactions.
  • Coin collectors and numismatic buyers are explicitly allowed continued access to pennies and nickels produced solely for collectors, with sales set to recoup production costs including variable costs and an appropriate share of fixed costs.
  • The Secretary of the Treasury would stop regular production but the coins remain legal tender. The Government Accountability Office must report within 3 years to specified Senate and House budget and financial committees on net savings and whether production should stay suspended, end permanently, or be reinstated.

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 1 benefits, 1 costs, 1 mixed.

10-year pause; pennies and nickels stay legal

If enacted, the Treasury would stop making one-cent and five-cent coins for 10 years starting on enactment. Coins could still be made for collectors. Pennies and nickels would stay legal money for all debts, taxes, and fees, no matter when minted. Cash users and businesses might adjust prices or change-making; any rounding rules would come later, if adopted.

GAO study on coin pause and rounding

If enacted, the Government Accountability Office would study the effects of pausing penny and nickel production. GAO would work with Treasury, the Mint, and the IRS. Within 3 years, GAO would report to Congress on whether to keep the pause, end it for good, or restart minting. The report would weigh net savings and how rounding cash to the nearest 10 cents could affect purchases.

Collector-only pennies and nickels at full cost

If enacted, the Mint could make pennies and nickels only for coin collectors. These would be sold as non-circulating collector coins. Sales would need to cover all production costs, including fixed and variable costs, as set by Treasury. That would likely mean higher prices for collectors. Most people would not be affected.

Sponsors & CoSponsors

Sponsor

Schweikert, David [R-AZ-1]

AZ • R

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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