As the poster above said, copper can be used to controlling algae, but if you do that tank (and filter, and pretty much anything else in the tank) can't be used for any inverts (shrimp, snails, crayfish, crabs, any of 'em) ever again.
So it is true, but not recommended.
As a note, even modern pennies would work, they have a layer of copper on the outside and zinc in the middle. As far as being dissolved in water goes the copper will last for quite some time before it's gone.