House Advances Bill That Would Settle Penny Issue

If lawmakers get their way, your cash total could soon be a little clearer-cut. The House on Tuesday approved the Common Cents Act, which would formally end penny production and let businesses round cash transactions to the nearest nickel; the bill now heads to the Senate. Under the proposal, totals ending in 1, 2, 6, or 7 cents would round down, while 3, 4, 8, or 9 cents would round up. Pennies already in circulation would still be valid.

Backers, including the National Restaurant Association, say a federal standard is needed because shortages of the one-cent coin can leave businesses legally exposed. "When a customer pays in cash and a register doesn't have a penny available to give exact change, it can create a legal liability for businesses," a National Restaurant Association rep tells CBS News. The bill would also allow for the production of a "more cost-effective" nickel, so long as it continues to work in vending machines.