{"id":3743,"date":"2026-07-16T18:07:25","date_gmt":"2026-07-16T18:07:25","guid":{"rendered":"https:\/\/americanmovershub.com\/?p=3743"},"modified":"2026-07-16T18:07:25","modified_gmt":"2026-07-16T18:07:25","slug":"americas-piggy-banks-are-about-to-look-a-lot-more-silver","status":"publish","type":"post","link":"https:\/\/americanmovershub.com\/?p=3743","title":{"rendered":"America\u2019s piggy banks are about to look a lot more silver"},"content":{"rendered":"<div>\n<p>Pennies are one step closer to disappearing from piggy banks and jean pockets across the country, after the House passed the Comment Cents Act Tuesday, moving to formally end the production of pennies. <\/p>\n<p>Read more <a href=\"https:\/\/americanmovershub.com\/?p=3741\">New mural recognizes first single sister missionaries, inspires current missionaries<\/a><\/p>\n<div>\n<div>\n<div>\n<blockquote>\n<p>H.R. 3074, the Common Cents Act, by House Republican Conference Chairwomen @RepLisaMcClain, passed the House by voice vote. pic.twitter.com\/qhNVsKKE7H<\/p>\n<p>\u2014 Financial Services GOP (@FinancialCmte) July 14, 2026<\/p><\/blockquote>\n<\/div>\n<\/div>\n<\/div>\n<p>Rep. Lisa McClain, R-Mich., who sponsored the bill, said it \u201caccomplishes one common sense goal: It stops the federal government from losing money on a coin that almost no one uses.\u201d <\/p>\n<div>\n<div>\n<div>\n<blockquote>\n<p>PASSED!<\/p>\n<p>After 19 years of losing money minting pennies, we\u2019re done. My Common Cents Act has passed the House, ending the wasteful production of a coin that nobody uses. pic.twitter.com\/BfIanmmBji<\/p>\n<p>\u2014 Chairwoman Lisa McClain (@RepLisaMcClain) July 14, 2026<\/p><\/blockquote>\n<\/div>\n<\/div>\n<\/div>\n<p>Every penny produced by the U.S. Mint costs 3.69 cents, almost four times the coin\u2019s value. <\/p>\n<p>\u201cLast year alone, that absurd math cost the American taxpayers more than $85 million,\u201d McClain said when testifying in support of the legislation. \u201cI think we can be a better steward of the taxpayers\u2019 money with that.\u201d<\/p>\n<p>The U.S. Mint expects the change would save $56 million per year in costs covering production, transportation, labor time, banking overhead and storage. <\/p>\n<p>\u201cIt\u2019s time to modernize our currency policy and bring some common sense back to Washington,\u201d McClain said. <\/p>\n<h3>A timeline of the penny\u2019s goodbye<\/h3>\n<p>Tuesday\u2019s progress is the product of many months\u2019 worth of discussions on Capitol Hill. It was over a year ago that President Donald Trump announced the decision to cease penny production, an action that more Americans support than oppose, according to data released by YouGov. <\/p>\n<p>\u201cLet\u2019s rip the waste out of our great nations budget, even if it\u2019s a penny at a time,\u201d Trump said on social media in February 2025. <\/p>\n<p>Shortly after, penny production ceased under executive order.<\/p>\n<p>The last penny was minted November 2025 in Philadelphia. A penny shortage and confusion for businesses, banks and retailers unsure of how to implement the change quickly ensued. <\/p>\n<p>The Common Sense Act looks to end confusion by codifying the executive order ceasing penny production and providing formal rules for rounding in cash transactions. <\/p>\n<p>Read more <a href=\"https:\/\/americanmovershub.com\/?p=3739\">Opinion: Recent summit in Turkey reaffirms the importance of NATO<\/a><\/p>\n<h3>A penny saved is still a penny earned<\/h3>\n<p>The Common Cents Act doesn\u2019t mean Americans need to suddenly rush to their local bank and cash in their spare change. Under the bill\u2019s provisions, the more than 100 billion pennies currently in circulation can still be used as legal currency. <\/p>\n<p>\u201cEvery penny in your pocket, every penny in your piggy bank, in that jar on your counter stays as legal tender if it\u2019s unused,\u201d McClain said. <\/p>\n<p>The price of what those pennies buy, however, might see a slight change \u2014 up or down \u2014 if consumers are paying with cash. <\/p>\n<p>Rounding laws, which round cash transactions to the nearest 5 cents, are set to take effect between June 2026 and January 2027. Non-cash payments, including checks and credit cards, are not subject to rounding requirements. <\/p>\n<p>If the bill is passed through the Senate and signed by Trump, its measures will fully take effect one year after the date of enactment. <\/p>\n<h3>The U.S. Mint will save a pretty penny \u2014 literally <\/h3>\n<p>The U.S. Mint will continue to mint pennies for one exception: collectors\u2019 items. <\/p>\n<p>These pennies will be minted not as currency, but as items to be curated as part of a numismatic set. Coins produced for historical and collector purposes will be minted in limited quantities at cost-covering prices. <\/p>\n<h3>5 fun facts about the Americas pennies<\/h3>\n<p>Fun fact 1: The typical lifespan of a penny is 30 years. <\/p>\n<p>Fun fact 2: Melting pennies is illegal (with limited exceptions).<\/p>\n<p>Fun fact 3: The first penny was produced in 1792. Instead of Abraham Lincoln, it featured a woman with flowing hair representing Liberty. <\/p>\n<p>Fun fact 4: Pennies minted in 1942 were made of steel, since copper was needed to support World War II efforts<\/p>\n<p>Fun fact 5: The \u201cheads\u201d and \u201ctails\u201d sides of coins are officially called the \u201cobverse\u201d and \u201creverse,\u201d respectively. <\/p>\n<p>Read more <a href=\"https:\/\/americanmovershub.com\/?p=3737\">A social media post. Thousands of teens. Then chaos<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Common Sense Act. Penny production ends. U.S. Mint. Financial Services GOP. When will pennies stop being made?<\/p>\n","protected":false},"author":1,"featured_media":3742,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-3743","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>America\u2019s piggy banks are about to look a lot more silver - American Movers Hub<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/americanmovershub.com\/?p=3743\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"America\u2019s piggy banks are about to look a lot more silver - American Movers Hub\" \/>\n<meta property=\"og:description\" content=\"Common Sense Act. 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