yes. the Treasury Dept. *could* nail you for that, but doubt that they would, they have other things to worry about. First they'd want to make an example of every one of those "souvenir" machines that smash and stamp pennies...and on a bike-related tangent: the Sycip Bros. (Santa Rosa, CA ?) used to be famous for brazing pennies into the stay caps and fork crowns of their custom steel frames. Never got popped for it,
AFAIK. only problem I can see with your friend's hanger is everybody's going to ask the same question: "Hey, how much did that hanger cost you?"