Is this normal to hear in English?
I translate your sentence as: "Es wird nicht einen Gegenstand/ ein Ding kosten." -that is not normal German, because we are used to say "Es kostet nichts.~It costs nothing.~It does not cost anything." You took 'nothing' like two words 'no thing', but indeed it is one in English(~nothing) as well as it is one word in German(~nichts). :)
Okay, maybe I could not explain it very well. 'nothing' and 'nichts' aren't nouns, while 'a thing' and 'ein Gegenstand' are nouns! If it is possible to take the words, which are used in the original sentence, you will take the words.
For example: The sentences "Ich bin hungrig." is as often used as "Ich habe Hunger."
- The sentences: "I am hungry." has to be translated as "Ich bin hungrig."
- WHILe the sentence "Ich habe Hunger."(="I have hunger."), is not very often used in English. And because it is not normal to say 'I have hunger.' it is just normal to change the words and to say: "Ich habe Hunger."==>"I am hungry."
In the sentence above it is quiet normal to say: It will cost nothing. and it is quiet normal to say: Es wird nichts kosten. Therefore there is no reason to change the words.
"It will not cost a thing." is a more emphatic way of saying "It will cost nothing." or "It will not cost anything." This is heard quite commonly also, since we are always looking for another way to bring customers into a store. "Not one penny, mind you!" Something free, generally brings customers in and then they may buy something else or "some other things".