This bill changes rules about U.S. coins. It allows a new composition option for the 5-cent coin (nickel) and ends the routine production of the one-cent coin (penny). The 5-cent coin may be an alloy of copper and nickel that weighs 5 grams, or it may be made with an inner layer of zinc and an outer layer of nickel weighing between 4 and 6 grams. The Secretary may set the exact zinc and nickel amounts after testing that the new mix reduces production cost. The bill directs the Secretary to stop producing one-cent coins for circulation but allows continued minting of one-cent coins as numismatic (collector) items. Any one-cent coin produced before the bill’s enactment remains legal tender.
No publicly available information on estimated costs, savings, or fiscal effects is included in the bill text. The bill does state the Secretary should test compositions to reduce the cost to produce the 5-cent coin.
No publicly available information.
No publicly available information.