The Common Cents Act stops minting pennies and requires rounding cash transactions to the nearest 5 cents.
The Common Cents Act directs the Secretary of the Treasury to cease minting one-cent coins within a year of enactment. It mandates rounding cash transactions to the nearest 5 cents, rounding down if the final digit is 1, 2, 6, or 7, and rounding up if it is 3, 4, 8, or 9. Exceptions apply for certain types of transactions. The act also allows continued minting of pennies for numismatic collectors.
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- Core Provisions
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- Impact
- Legal Framework
- Critical Issues
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