Pontiac Times

Representatives Lisa McClain (R-Mich.) and Robert Garcia (D-Calif.), along with Senators Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.), have introduced a bill aiming to cease the production of pennies in the United States. The proposed legislation, titled the Common Cents Act, is designed to phase out the penny to eliminate unnecessary spending and modernize the U.S. currency system. The bill suggests rounding cash transactions to the nearest five cents, aligning with practices of other countries that have undergone similar currency changes.

McClain explained, “Pennies are a waste of taxpayer dollars. It doesn’t make sense to spend millions each year minting coins that so few people actually use. President Trump’s common-sense idea should become law. We are taking a decisive step toward fiscal responsibility and updating our currency for the 21st century.”

Garcia added his perspective on the bill, stating, “It doesn’t make sense to continue producing the penny, which costs three times more than it's worth to create and distribute. As the cost of living continues to rise and with more folks tapping their phones or cards for payment, we shouldn’t be pouring millions of taxpayer dollars into a coin that is rarely used. By halting production, we would actually cut waste and boost efficiency in a common-sense way.”

Senator Lummis expressed her agreement with former President Trump on the issue, saying, “I agree with President Trump that the time has come to fully end production of the penny and save American taxpayers money. The fiscal reality is undeniable: the U.S. Mint spends three cents to produce each one-cent coin. With a $36 trillion national debt, we have to implement meaningful opportunities to reduce costs, update our currency system, and codify the elimination of government inefficiencies. It just makes cents!”

Senator Gillibrand highlighted the inefficiency of the penny, remarking, “The penny is outdated and inefficient and no longer serves the needs of our economy. By suspending its production, we can reduce government spending, streamline transactions, and move toward a more practical financial system. It’s time to invest in a future that works for the 21st century economy, and that starts with suspending production of the penny.”

A report from the Treasury Department indicates that nearly four cents are needed to mint and distribute a single penny as of FY24.