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The Senate unanimously approved the Common Cents Act, a practical measure that formally ends production of the money-losing penny and gives the Treasury Department authority to develop a cheaper nickel.

The move, many argue, will potentially save taxpayers millions while simplifying everyday cash purchases for American consumers and small businesses.

The legislation, which already cleared the House earlier, advanced by unanimous consent.

It targets three long-standing problems with U.S. coinage that have quietly drained public resources and created headaches at checkout counters nationwide.

First, the bill officially terminates the minting of circulating pennies.

The U.S. Mint already produced its final one-cent coins for general circulation last year, though special collectible versions marking America’s 250th anniversary entered circulation earlier this year.

Under the new measure, the Federal Reserve must work to minimize any remaining supply disruptions.

Existing pennies stay fully legal tender—Americans still hold an estimated 300 billion of them, or more than 800 per person—so no one loses the value of coins already in their pockets, jars, or couches.

The second major provision addresses the real-world confusion that has grown since pennies stopped flowing to retailers.

Businesses would gain the clear legal option to round cash transactions to the nearest nickel.

A purchase totaling $19.82 would round down to $19.80, while $19.83 would round up to $19.85.

This voluntary approach applies only to cash deals, leaving credit cards, mobile payments, and checks unaffected.

Advocates note that some states and localities currently ban the practice, creating a patchwork of rules that frustrates both store owners and customers.

The Common Cents Act would preempt those restrictions and restore common sense at the register.

Perhaps most important for fiscal conservatives, the legislation tackles the chronically unprofitable nickel.