Senate Passes Common Cents Act

A bill that could officially mark the end of the penny and change the nickel has gotten the green light from the Senate.

The Common Cents Act is now on the way to President Trump's desk for his signature.

With it, the penny will continue to be out of production, although existing pennies remain legal tender.

Paying with cash could become less confusing, as the new legislation would be permitted to round cash transactions to the nearest nickel, a practice some states and localities have laws prohibiting.

And it allows the Treasury to come up with a cheaper nickel to produce, since it currently costs more than 13-cents to produce one.

(Photo by U.S. Treasury via Getty Images)