H.R. 1270 — To suspend the production of the penny and nickel, to require the Comptroller General of the United States to carry out a study on pennies and nickels, and for other purposes.

This section suspends production of one-cent and five-cent coins for 10 years beginning on the date of enactment, while allowing the Secretary of the Treasury to continue minting those coins solely for numismatic collectors and to sell them at prices that cover the full cost of production. It also preserves the legal-tender status of one-cent and five-cent coins for all debts, public and private, public charges, taxes, and duties, regardless of when they were minted.

This section directs the Comptroller General of the United States, in consultation with the Secretary of the Treasury, the Director of the United States Mint, and the Commissioner of Internal Revenue, to study within 3 years after enactment the effects of suspending production of the one-cent and five-cent coins. It also requires a report to the Senate Committees on the Budget and Banking, Housing, and Urban Affairs and the House Committees on the Budget and Financial Services on whether production should remain suspended, be permanently ended, or be reinstated, and on the net savings from the suspension and the effect of rounding cash purchases up or down to the nearest 10 cents.