How Cash Purchases Would Work If the Bill Becomes Law The US House of Representatives has passed the Common Cents Act, a bill aimed at standardizing cash transactions as the penny continues its quiet disappearance from circulation.
Proponents argue that it will bring clarity to an increasingly cash strapped economy, but critics warn that this move could have far reaching consequences for small businesses and low income Americans.
The primary argument in favor of phasing out the penny is its production cost: producing a single penny costs nearly four cents, making it one of the most expensive coins to manufacture relative to its value.