Saving taxpayers money by suspending production of the penny and nickel

(a) Temporary suspension of production Except as provided in subsection (b) and notwithstanding any other provision of law, the Secretary of the Treasury shall cease production of one-cent and five-cent coins during the 10-year period beginning on the date of enactment of this Act. (b) Exception (1) In general The Secretary of the Treasury shall continue to produce one-cent and five-cent coins as appropriate solely to meet the needs of numismatic collectors of that denomination. (2) Sale The coins produced under paragraph (1) shall be sold in accordance with other general provisions governing numismatic coins (as opposed to circulating coins). (3) Net receipts The net receipts from the sale of one-cent and five-cent coins produced under this subsection shall equal the total cost of production, including variable costs and the appropriate share of fix costs of production, of the one-cent and five-cent coins, respectively, as determined by the Secretary of the Treasury. (c) No effect on legal tender Notwithstanding any other provision of this section, one-cent and five-cent coins are legal tender in the United States for all debts, public and private, public charges, taxes, and duties, regardless of the date of minting or issue.