The days of saying “a penny for your thoughts” may be numbered. As of yesterday, the House of Representatives has unanimously voted to send the humble penny to the big piggy bank in the sky, courtesy of the amusingly titled Common Cents Act.
The act blocks the US Treasury from minting any new 1-cent coins (except for collector coins) and establishes a new framework designed to eliminate the need for them. As per the terms of the act, cash transactions that would have required a penny for exact change will be now rounded to the nearest five cents.
