The Common Cents Act, which would formally end production of the 1-cent coin after 234 years, is headed to President Trump's desk, according to Fox News, after the federal government stopped minting pennies in November. Some lawmakers now want to address the cost of the nickel, which the outlet reported is made at a taxpayer loss of roughly eight cents per coin.
Common Cents Act heads to Trump's desk to end penny production after 234 years
The Common Cents Act, which would formally end production of the 1-cent coin after 234 years, is headed to President Trump's desk, according to Fox News, after the federal government stopped minting pennies in November. Some lawmakers now want to address the cost of the nickel, which the outlet reported is made at a taxpayer loss of roughly eight cents per coin.
The federal government stopped minting pennies after more than 200 years because, according to the source, they cost three times more to make than they are worth. Pennies stopped being minted in November, and the Congress-backed Common Cents Act would formally end their production after 234 years, according to Fox News.
President Trump wrote in a social media post last year that the U.S. has produced the 1-cent piece for "far too long."
Nickels are currently made from a mixture of 25% nickel and 75% copper and are produced at a taxpayer loss of roughly eight cents per coin, according to data cited by the outlet. Rep. Lisa McClain, the House GOP Conference Chair, said her bill would give the Treasury a path to make nickels at a lower cost, and in a release on her website she said the legislation "also authorizes a lower-cost nickel composition if testing shows it will reduce production costs without significantly disrupting coin-operated machines."
Republican Sen. Cynthia Lummis said more Americans are using credit cards, debit cards and stablecoins for purchases once made with cash or coins, and pointed to the retirement of the half-cent coin as a precedent for the penny.
- The source does not state the name or bill number of McClain's nickel legislation, nor its status in Congress.
- The source does not state the exact production cost of a penny in cents, only that it is three times the coin's worth.
- The source does not state whether President Trump has signed the Common Cents Act or when a signing is expected.
- The source does not identify the data behind the roughly eight-cent taxpayer loss cited for the nickel, beyond saying the outlet cited it.
- The source does not state who would conduct the composition testing McClain's release refers to, or on what schedule.
Read the original at New York Post