NEW YORK – On July 18, Rep. Kolbe (R-AZ) introduced a bill to remove the penny from production at the U.S. Mint, reports CNNMoney.

Rep. Kolbe’s bill, the “Currency Overhaul for an Industrious Nation (COIN) Act,” would require the “rounding off of all cash transactions to the nearest 5 cents,” therefore making the penny “useless for everyday transactions,” notes the news source.

The price of zinc, the penny’s main ingredient, has nearly doubled since 2001, which makes the current cost of producing each one-cent piece 1.4 cents.

Rep. Kolbe introduced similar legislation in 2001 to cease penny production. According to Hotline Editor in Chief Chuck Todd, the chances of the representative’s recently introduced legislation gaining traction are slim. “The only time these coin bills are successful is when you create a collectible,” Todd said.

The COIN Act also calls for shifting oversight of the U.S. Mint and the Bureau of Printing and Engraving from the U.S. Treasury Department to the Federal Reserve Board. According to Rep. Kolbe, because the Federal Reserve oversees the U.S. dollar, bringing the currency under the board’s purview would “remove a layer or bureaucracy,” writes the news source.