Congress killed the penny — now it's coming for the 13-cent nickel

Key Points:

• Congress has passed bipartisan legislation, the Common Cents Act, aimed at eliminating the penny and directing the Treasury to explore cheaper materials for producing nickels, but the bill awaits President Trump's signature to become law.
• The U.S. Mint stopped producing pennies in December 2025 due to production costs exceeding the coin's value, and lawmakers are now focusing on reducing the cost of nickels, which currently cost about 13 cents to produce despite being worth five cents.
• The proposed legislation would allow the Treasury to test and authorize a lower-cost nickel composition that does not disrupt coin-operated machines, potentially saving taxpayer money without affecting everyday use.
• Treasury Secretary Scott Bessent indicated support for redesigning the nickel to reduce production costs, while the Trump administration estimated $56 million in immediate savings from halting penny production.
• There is no current strong push to end nickel production entirely, and the bill's provisions could be reversed by future administrations unless formally signed into law by President Trump.