February 12, 2025
Mr. Schweikert introduced the following bill; which was referred to the Committee on Financial Services
To suspend the production of the penny and nickel, to require the Comptroller General of the United States to carry out a study on pennies and nickels, and for other purposes.
Section 1. Saving taxpayers money by suspending production of the penny and nickel
(a) Temporary suspension of production
Except as provided in subsection (b) and notwithstanding any other provision of law, the Secretary of the Treasury shall cease production of one-cent and five-cent coins during the 10-year period beginning on the date of enactment of this Act.
(b) Exception
(1) In general
The Secretary of the Treasury shall continue to produce one-cent and five-cent coins as appropriate solely to meet the needs of numismatic collectors of that denomination.
(2) Sale
The coins produced under paragraph (1) shall be sold in accordance with other general provisions governing numismatic coins (as opposed to circulating coins).
(3) Net receipts
The net receipts from the sale of one-cent and five-cent coins produced under this subsection shall equal the total cost of production, including variable costs and the appropriate share of fix costs of production, of the one-cent and five-cent coins, respectively, as determined by the Secretary of the Treasury.
(c) No effect on legal tender
Notwithstanding any other provision of this section, one-cent and five-cent coins are legal tender in the United States for all debts, public and private, public charges, taxes, and duties, regardless of the date of minting or issue.
Sec. 2. GAO study on the effects of the suspension of production of the penny and nickel
Not later than 3 years after the date of enactment of this Act, the Comptroller General of the United States, in consultation with the Secretary of the Treasury, Director of the United States Mint, and the Commissioner of the Internal Revenue Service, shall—
(1)
study the effect of the suspension of production of the one-cent and five-cent coins under this Act; and
(2)
submit to the Committee on the Budget and the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on the Budget and the Committee on Financial Services of the House of Representatives a report—
(A)
on whether production should remain suspended, be permanently ended, or be reinstated; and
(B)
that considers—
(i)
the net savings from the suspension of production of the one-cent and five-cent coins; and
(ii)
the effect of rounding cash purchases up or down to the nearest ten-cents.