Voters should care about this bill because it addresses a long-standing issue where the cost to produce a penny is higher than its face value, meaning taxpayers are effectively subsidizing each new penny. Stopping production could save the government money. If this bill passes, it could lead to slightly faster cash transactions for everyone and reduce the logistical burden of handling a coin that many find cumbersome. If it doesn't pass, the U.S. Mint will continue to spend more than a cent to make each new penny, and the issues of cost and inconvenience will persist.
KEY PROVISIONS
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PROVISION 01
Prohibits the U.S. Treasury from making or putting new one-cent coins into circulation.
This directly stops the production of pennies, addressing the financial loss incurred by making them.
PROVISION 02
Declares that all one-cent coins already in circulation will remain valid and legal to use for payments.
This ensures existing pennies keep their value and prevents confusion about their usability after new production stops.
PROVISION 03
Amends existing federal laws (specifically Title 31 of the U.S. Code and parts of the Internal Revenue Code) to remove references to the one-cent coin.
These administrative changes update the legal framework to reflect the discontinuation of new pennies, ensuring consistency in federal law.
Voters should care about this bill because it addresses a long-standing issue where the cost to produce a penny is higher than its face value, meaning taxpayers are effectively subsidizing each new penny. Stopping production could save the government money. If this bill passes, it could lead to slightly faster cash transactions for everyone and reduce the logistical burden of handling a coin that many find cumbersome. If it doesn't pass, the U.S. Mint will continue to spend more than a cent to make each new penny, and the issues of cost and inconvenience will persist.
KEY PROVISIONS
AI-extracted
high
Prohibits the U.S. Treasury from making or putting new one-cent coins into circulation.
This directly stops the production of pennies, addressing the financial loss incurred by making them.
high
Declares that all one-cent coins already in circulation will remain valid and legal to use for payments.
This ensures existing pennies keep their value and prevents confusion about their usability after new production stops.
med
Amends existing federal laws (specifically Title 31 of the U.S. Code and parts of the Internal Revenue Code) to remove references to the one-cent coin.
These administrative changes update the legal framework to reflect the discontinuation of new pennies, ensuring consistency in federal law.
GLOSSARY
AI-written
Minting
The process of manufacturing coins.
Issuing
The act of putting money (coins or currency) into circulation so it can be used by the public.
Legal Tender
Currency that, by law, must be accepted as payment for all debts, public and private.
Secretary of the Treasury
The head of the U.S. Department of the Treasury, responsible for managing the government's finances and overseeing the U.S. Mint.
Amend
To make changes or additions to a law or document.
Title 31, United States Code
A section of federal law that specifically deals with money and finance.
ACTION TIMELINE
2 EVENTS
MAY 1, 25
Introduced in Senate
INTROREFERRAL
MAY 1, 25
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.