119-hr1270

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1270 Introduced in House

    (IH) ]

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119th CONGRESS
 1st Session
 H. R. 1270

 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.

_______________________________________________________________________

 IN THE HOUSE OF REPRESENTATIVES

 February 12, 2025

Mr. Schweikert introduced the following bill; which was referred to the 
 Committee on Financial Services

_______________________________________________________________________

 A BILL

 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.

 Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

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.
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