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According to Snopes.com, probably not. There are not properties that would ease pain in a penny. However ice, aspirin, toothpaste and raw onion are included in the folk remedies people say will help. It can't hurt to try.

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Hey everybody,
I actually never heard of this before until two days ago. My co-worker got stung by a hornet or something on the arm over the weekend. When we saw her on Monday at work, she showed it to us. She said it was itching and it was definitely red. She tried putting hand sanitizer on it because it had alcohol in it, but that didn't really help.
Anyway, my boss mentioned putting a penny on it, and we thought it was crazy, but it worked! She kept it on her arm by putting a bandaid over it. She didn't complain she rest of the day, and by the end of the day, the swelling and redness had gone down. The penny turned the skin underneath a dark green color and the penny itself looked a little green where it had touched her skin!
How cool! I tried it today on a mosquito bite I got, and it worked. It's like when it starts to feel itchy, it begins to feel tingly and the itchy feeling goes away. I even wet the area with water before placing the penny because I figure it might be a good conduit.

Well, anyway, sorry to ramble on, but I thought it was some old wives tale...YES! it actually works :) Good luck!