Cents and Sensibility Act - Revises the discretionary authority of the Secretary of the Treasury to prescribe the weight and the composition of the alloy of the one-cent coin.
Requires that the one-cent coin be: (1) produced primarily of steel, and (2) treated to impart a copper color to its appearance so that the appearance is similar to one-cent coins produced of a copper-zinc alloy.
Instructs the Secretary, in minting 1-cent coins, to use only steel produced in the United States unless: (1) the Secretary determines doing so would be inconsistent with the public interest, or (2) steel is not produced in the United States in sufficient and reasonably available quantities.
Directs the Secretary to submit to certain congressional committees the initial report concerning production costs and technologies required by the Coin Modernization, Oversight, and Continuity Act of 2010.