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The bill directs the Secretary of the Treasury to cease the production of the one-cent coin, commonly known as the penny. To accommodate this change, it requires that all cash transactions be rounded either up or down to the nearest five cents. This means that when paying with cash, the total amount due would be adjusted to eliminate the need for pennies, simplifying cash handling. The bill aims to reduce the costs associated with producing pennies, which have been argued to cost more to make than their actual value. It also seeks to streamline cash transactions and potentially reduce the time spent handling small coins. However, the rounding rule would only apply to cash transactions; electronic payments would remain unaffected and could still be made to the exact cent. The practical effect would be that consumers and businesses dealing in cash might see minor adjustments in the final amount paid or received, but these adjustments would be minimal and balanced over time. The bill could also lead to savings for the government by eliminating the expense of minting pennies.