The penny may be on its way out, but getting rid of it has turned out to be a lot more complicated than just emptying your change jar.

When the federal government stopped producing pennies because they cost more than one cent each to make, many people wondered why it hadn't happened years ago. The answer? Once the penny disappears, a whole bunch of other issues pop up.

Cash Payments Are Getting Tricky

Without a steady supply of pennies, some businesses have started rounding cash purchases to the nearest nickel when making change.

For example:

• $19.82 would round down to $19.80
• $19.83 would round up to $19.85

The problem is that not every state allows businesses to do that.

Some states have laws requiring exact change or preventing businesses from charging different customers slightly different amounts, even if it's only a couple of pennies. That has created legal headaches for retailers.

Enter the "Common Cents Act"

Congress is now considering legislation called the Common Cents Act, which would allow businesses across the country to legally round cash transactions to the nearest five cents.

It's important to note that this would only affect cash purchases. If you're paying with a debit card, credit card, or mobile payment, you'd still be charged the exact amount.

Canada adopted a similar system more than a decade ago after eliminating its penny, and the transition was largely smooth.

Now the Nickel Has a Problem

As strange as it sounds, the penny isn't the only coin costing taxpayers money.

Last year, it cost nearly 14 cents to produce each nickel... a coin that's only worth five cents.

Yes, you read that right.

Because of that, lawmakers are also looking at ways to make nickels less expensive to produce.

Why Not Just Make Them Cheaper?

It isn't as easy as switching materials.

Nickels have to work in vending machines, parking meters, laundromats, arcade games, and coin-counting machines. Changing the size, weight, or metal composition too much could mean replacing or reprogramming millions of machines across the country.

For now, the proposed legislation simply calls for testing lower-cost versions of the nickel rather than making immediate changes.

What's Next?

The Common Cents Act has already passed the House of Representatives but still needs Senate approval before becoming law.

So don't toss those pennies just yet.

They may soon become a little piece of American history... and your old coin jar might suddenly feel a bit more nostalgic than valuable.