 The most recent time that the United States withdrew a coin in such a manner was with the half-cent coin (hay-penny), which was withdrawn in 1857; the 1857 half-cent coin was worth approximately 14 cents in modern US dollars.In 1990, United States Representative Jim Kolbe [R-AZ] introduced the Price Rounding Act of 1989, H.R.3761, to eliminate the penny in cash transactions, rounding to the nearest nickel.