Electronic cash (E-cash) has been the focus of financial cryptographers since the 1980‟s. Many researches began to pay close attention to the application and promotion of online electronic cash, which refers to a token or character strings issued by a bank. And they are stored and transferred between wallets of banks, merchants and customers etc. on the computer. The electronic cash system utilizes digital data for representing e-cash. However, transferability is an important issue. In some current online E-cash solutions, a user is permitted to spend the cash accepted from the issuing bank to a specific merchant. This type of system appears to be as inconvenient as depositing the e-cash into the bank after every payment for redemption. That is to say, e-cash in many existing schemes can not be used repeatedly. This work will try to propose a novel Common Electronic Cash (CoeCash) Mechanism, which is workable e-cash payment in Internet. Moreover, it will try to implement four components of the system including the pseudonym center, CoeCash wallet system, CoeCash issuing center and CoeCash verification center. Keywords: Electronic cash, Electronic payment systems, Anonymous control, Authentication