Bill Details
HR.1401 - 119th Congress
Status
Latest action
2025-02-18 - Referred to the House Committee on Financial Services.
Introduced Date
2025-02-18
Policy Area
Finance and Financial Sector
Committees
View committees (1)
Sponsors
Cosponsors
10
0
0
AI Summary This summary was generated by AI from the bill text. AI can get information wrong.
This bill would pause the production of new one-cent coins for 10 years in an effort to save taxpayer money. Lawmakers say the country already has enough pennies to meet demand and that making more costs more than the coins are worth. The bill would still allow the Treasury to make a limited number of pennies for coin collectors, and those collector coins would have to be sold at a price that covers the full cost of making them. Even with this pause, pennies would still be legal money for all debts, taxes, and payments in the United States.
- The Treasury Secretary would stop making new pennies for 10 years after the bill becomes law.
- Pennies could still be made for collectors, but only in limited amounts and at a price that fully covers production costs.
- The bill says existing pennies would still count as legal tender everywhere in the United States.
Official Summaries
No summaries available
Current Full Text
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1401 Introduced in House (IH)]
<DOC>
119th CONGRESS
1st Session
H. R. 1401
To save taxpayers money by improving the manufacturing and distribution
of coins, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
February 18, 2025
Mr. Biggs of Arizona (for himself, Mr. Ciscomani, Mr. Moore of Alabama,
Mr. Weber of Texas, and Ms. Boebert) introduced the following bill;
which was referred to the Committee on Financial Services
_______________________________________________________________________
A BILL
To save taxpayers money by improving the manufacturing and distribution
of coins, 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. SHORT TITLE.
This Act may be cited as the ``Currency Optimization, Innovation,
and National Savings Act of 2025''.
SEC. 2. SAVING TAXPAYERS MONEY BY SUSPENDING PRODUCTION OF THE PENNY.
(a) Sense of Congress.--It is the sense of the Congress that--
(1) sufficient one-cent coins have already been minted to
meet demand;
(2) taxpayers have been and would continue to lose money
producing the one-cent coin; and
(3) further production of the one-cent coin is not
necessary for the next decade.
(b) Temporary Suspension of Production of the One-Cent Coin.--
Except as provided in subsection (c) and notwithstanding any other
provision of law, the Secretary of the Treasury shall cease production
of any new one-cent coins for the 10-year period beginning on the date
of enactment of this Act.
(c) Exception.--
(1) In general.--The Secretary of the Treasury shall
continue to produce one-cent coins as appropriate solely to
meet the needs of numismatic collectors of that denomination.
(2) Sale.--The one-cent coins produced under paragraph (1)
shall be sold in accordance with other general provisions
governing numismatic coins.
(3) Net receipts.--The net receipts from the sale of one-
cent coins produced under this exception shall equal the total
cost of production, including variable costs and the
appropriate share of fix costs of production, as determined by
the Secretary of the Treasury.
(d) No Effect on Legal Tender.--Notwithstanding any other provision
of this section, one-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.
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