The Common Cents Act directs the U.S. Treasury to stop minting new pennies for general circulation, though existing pennies remain legal tender and pennies may still be produced as collectible items. To accommodate this change, the bill establishes voluntary rounding rules for cash transactions, allowing amounts ending in 1, 2, 6, or 7 cents to be rounded down and amounts ending in 3, 4, 8, or 9 cents to be rounded up to the nearest five cents, while protecting businesses from legal liability for following these rounding practices under federal, state, or tribal law. The legislation also permits the Treasury to adjust the metal composition of nickels to reduce production costs. It requires the Federal Reserve to develop and report a strategic plan, within 90 days of enactment, for managing coin distribution and mitigating supply disruptions as the penny is phased out, with follow-up progress reports over the next several years. Additionally, the bill sets up a formal process requiring the Treasury to notify Congress at least 60 days in advance before discontinuing any circulating coin in the future, including a detailed justification and phase-out plan.
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