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US HB1270
Bill
Status
2/12/2025
Primary Sponsor
David Schweikert
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AI Summary
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Secretary of the Treasury must cease production of one-cent and five-cent coins for 10 years following enactment
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Limited production of pennies and nickels may continue solely for numismatic (collector) purposes, with sales priced to cover full production costs
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Existing pennies and nickels remain legal tender for all debts, public and private, regardless of minting date
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GAO must conduct a study within 3 years on the effects of the production suspension, including net savings and impact of rounding cash purchases to the nearest ten cents
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GAO report must recommend whether production should remain suspended, be permanently ended, or be reinstated, with findings submitted to Senate and House Budget and Financial Services/Banking committees
Legislative Description
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.
Finance and financial sector
Last Action
Referred to the House Committee on Financial Services.
2/12/2025